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BAEcon Economics and Finance / Course details
Year of entry: 2021
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Course unit details:
Managerial Economics I
|Unit level||Level 2|
|Teaching period(s)||Semester 1|
|Available as a free choice unit?||Yes|
The aim of this course is to introduce students to theoretical economic concepts and analytical tools relevant to firm management.
This module prepares students to more advanced topics covered in Managerial Economics II Econ31000.
At the end of this course students should be able to: (i) demonstrate a sound understanding of demand theory, costs and profit analysis, perfect and imperfect competition, and market and organisation structures; (ii) employ a rigorous approach to modeling economic problems; (iii) apply the appropriate techniques (including algebraic manipulations, linear regression, forecasting methods, linear programming and other management techniques) to find efficient solutions to these problems.
|Unit title||Unit code||Requirement type||Description|
|Macroeconomic Analysis 1||ECON10181||Pre-Requisite||Compulsory|
|Microeconomic Analysis 1||ECON10171||Pre-Requisite||Compulsory|
|Introductory Statistics for Economists||SOST10062||Pre-Requisite||Compulsory|
|Adv Maths - BAEcon & BSc Econ||ECON10071||Pre-Requisite||Compulsory|
Must have taken the following combinations (compulsory Pre-Requisite):
- (ECON10171 or ECON10221 or ECON10331) AND
- (ECON10181 or ECON10241 or ECON10252)
AND also at least one of the following combinations (compulsory Pre-Requisite)
- (ECON10061 and SOST10062) OR
- (ECON10071 and ECON10072)
The aim of this course is to introduce students to theoretical economic concepts and analytical tools relevant to firm management. This module prepares students to more advanced topics covered in Managerial Economics II (ECON31000).
At the end of this course students should be able to:
- Demonstrate a sound understanding of demand theory, costs and profit analysis, perfect and imperfect competition, and market and organisation structures.
- Employ a rigorous approach to modeling economic problems.
- Apply the appropriate techniques (including algebraic manipulations, linear regression, forecasting methods, linear programming and other management techniques) to find efficient solutions to these problems.
Estimation of Demand
- Statistical Estimation of Demand Functions
- Linear Regression Models / Nonlinear Regression Models
Business and Economic Forecasting
- Series Analysis / Smoothing Techniques
Cost Minimization/Profit Maximization
- Linear Programming
Demand Theory and Analysis
- Demand Functions/Price and Income Elasticity
Production and Cost Analysis
- Average and Marginal Costs / Short-Run versus Long-Run Cost
- Returns to Scale; Economies of Scope and Scale; Learning Curves
Perfect Competition / Monopolies / Non-Cooperative Oligopolies
Teaching and learning methods
Lectures, exercise classes and feedback classes.
- Analytical skills
- Synthesis and analysis of data and information.
- Problem solving
- Planning, conducting and reporting on research.
- Using library, electronic and online resources. Using reporting skills. Mapping and modelling. Information retrieval. Numeracy. Literacy. Computer literacy. Time management. Applying subject knowledge. Improving own learning.
20% Assignments x 2
There are 2 sections of equal weight. Answer all of Section A (multiple choice) and Section B (two open answer questions).
- Multiple Choice Quizzes to be completed online.
- In the Exercise and Feedback Classes, you collect your Assignment and have the possibility to obtain individual/group feedback on the submitted work and any other items concerning the exercises covered.
- NOTE: Students can also receive further feedback from tutorials, office hours, revision sessions, discussion boards etc.
James R. McGuigan,R. Charles Moyer, Frederick H.deB. Harris (2017) Managerial Economics: Applications, Strategies and Tactics, 14th Edition, Cengage Learning. (IBSN:9781305506381)
McGuigan J. R., R. C. Moyer, F. H. deB. Harris (2014), Managerial Economics: Applications, Strategy and Tactics, 13e, Cengage Learning. (ISBN-10: 1285420926, ISBN-13: 9781285420929)
****AVAILABLE as E-BOOK****
Allen, W.B., K Weigelt, Neil Doherty (2009), Managerial Economics, 7e, W.W. Norton & Company (ISBN 978-0-393-93224-9)
Baye M.R. and Prince J. (2013), Managerial Economics and Business Strategy. Irwin (8th Edition). (ISBN-10: 0073523224, ISBN-13: 978-0073523224)
Kreps D. (2003), Microeconomics for Managers, W.W. Norton & Company (ISBN 0-393-97678-5).
|Independent study hours|
|Carlo Reggiani||Unit coordinator|