BAEcon Development Studies and Social Statistics

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. 

(ECON10171 Micro Analysis 1 or ECON10221 Micro 1 or ECON10331 Micro 1) and (ECON10181 Macro Analysis 1 or ECON10241 Macro 1 or ECON10252 Macro 1) and (ECON10061 Intro Maths or ECON10071 Adv Maths) and (SOST10062 Intro Stats or ECON10072 Adv Stats)

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:

1. Demonstrate a sound understanding of demand theory, costs and profit analysis, perfect and imperfect competition, and market and organisation structures.
2. Employ a rigorous approach to modeling economic problems.
3. 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/Imperfect Competition

Perfect Competition / Monopolies / Non-Cooperative Oligopolies

 

Lectures, exercise classes and feedback classes.

20% Assignments x 2

80% Exam

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. 

 

Essential

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****

Supplementary Readings:

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 (8^th Edition). (ISBN-10: 0073523224, ISBN-13: 978-0073523224)

Kreps D. (2003), Microeconomics for Managers, W.W. Norton & Company (ISBN 0-393-97678-5).