Coronavirus information for applicants and offer-holders

We understand that prospective students and offer-holders may have concerns about the ongoing coronavirus outbreak. The University is following the advice from Universities UK, Public Health England and the Foreign and Commonwealth Office.

# BAEcon Development Studies and Social Statistics / Course details

Year of entry: 2021

## Course unit details:Managerial Economics I

Unit code ECON20001 20 Level 2 Semester 1 Economics Yes

### Pre/co-requisites

Unit title Unit code Requirement type Description
Microeconomics 1 ECON10221 Pre-Requisite Compulsory
Microeconomics 1 ECON10331 Pre-Requisite Compulsory
Macroeconomic Analysis 1 ECON10181 Pre-Requisite Compulsory
Macroeconomics 1 ECON10241 Pre-Requisite Compulsory
Macroeconomics 1 ECON10252 Pre-Requisite Compulsory
Microeconomic Analysis 1 ECON10171 Pre-Requisite Compulsory
Introductory Mathematics ECON10061 Pre-Requisite Compulsory
Introductory Statistics for Economists SOST10062 Pre-Requisite Compulsory
Adv Maths - BAEcon & BSc Econ ECON10071 Pre-Requisite Compulsory
(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)

### Aims

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).

### Learning outcomes

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.

### Syllabus

Estimation of Demand

• Statistical Estimation of Demand Functions
• Linear Regression Models / Nonlinear Regression Models

• 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

### Teaching and learning methods

Lectures, exercise classes and feedback classes.

### Employability skills

Analytical skills
Synthesis and analysis of data and information.
Problem solving
Research
Planning, conducting and reporting on research.
Other
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.

### Assessment methods

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).

### Feedback methods

• 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****

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).

### Study hours

Independent study hours
Independent study 0

### Teaching staff

Staff member Role
Carlo Reggiani Unit coordinator