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BAEcon Economics and Sociology / 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 concepts and analytical tools from economics that are relevant to firm management. 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. They should be able to use standard methods to analyse economic problems analytically and be apply them to data using standard computer software and appropriate techniques. He course will focus on how to solve real world problems such as: how much does a firm need to produce to break even? Will profits increase if a firm increases its price? How will a firm's competitors respond if they increase production? What is the profit maximising price for a firm?
This module prepares students for more advanced topics covered in Managerial Economics II Econ31000.
|Unit title||Unit code||Requirement type||Description|
|Introductory Statistics for Economists||SOST10062||Pre-Requisite||Compulsory|
|Principles of Microeconomic Theory 1: Consumers, Welfare, Production and Costs||ECON10171||Pre-Requisite||Compulsory|
|Macroeconomic Analysis 1||ECON10181||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 concepts and analytical tools from economics that are relevant to firm management. This module prepares students for more advanced topics covered in Managerial Economics II Econ31000.
At the end of this course students should:
1. Have a sound understanding of demand theory, costs and profit analysis, perfect and imperfect competition, and market and organisation structures.
2. Know how to apply standard methods to model economic problems that are relevant to firm management.
3. Know how to use appropriate techniques to find apply these models to data.
- Demand theory and analysis
- Estimation of demand
- Business and economic forecasting
- Production and cost analysis
- Cost minimization and profit maximization
- Models of perfect and imperfect competition
Teaching and learning methods
Online Learning and Guided Self-Study
- Analytical skills
- Synthesis and analysis of data and information to answer real world questions that are relevant to firm management.
- Problem solving
- Use library, electronic and online resources. Apply relevant economic knowledge to solve real world problems that are relevant to firm management.
- Planning, conducting and reporting on research.
- Use of computer programmes to analyse data.
- Online quizzes
- Exercise and Feedback Classes with individual and group feedback on submitted work
- Tutorials, drop-in sessions and office hours
- Discussion boards
McGuigan, Moyer and Harris, Managerial Economics: Applications, Strategies and Tactics, Cengage Learning. (IBSN:9781305506381)
Allen, Weigelt, and Doherty, Managerial Economics, W.W. Norton & Company (ISBN 978-0-393-93224-9)
Baye and Prince, Managerial Economics and Business Strategy. Irwin (ISBN-10:0073523224, ISBN-13:978-0073523224)
Kreps, Microeconomics for Managers, W.W. Norton & Company (ISBN 0-393-97678-5).
|Independent study hours|
|Rachel Griffith||Unit coordinator|