BSc Economics

Year of entry: 2022

Course unit details:
Managerial Economics I

Unit code ECON20001
Credit rating 20
Unit level Level 2
Teaching period(s) Semester 1
Offered by Economics
Available as a free choice unit? Yes

Overview

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.

Pre/co-requisites

Unit title Unit code Requirement type Description
Introductory Mathematics ECON10061 Pre-Requisite Compulsory
Introductory Statistics for Economists SOST10062 Pre-Requisite Compulsory
Advanced Mathematics ECON10071 Pre-Requisite Compulsory
Advanced Statistics ECON10072 Pre-Requisite Compulsory
Principles of Microeconomic Theory 1: Consumers, Welfare, Production and Costs ECON10171 Pre-Requisite Compulsory
Macroeconomic Analysis 1 ECON10181 Pre-Requisite Compulsory
Microeconomics 1 ECON10221 Pre-Requisite Compulsory
Macroeconomics 1 ECON10241 Pre-Requisite Compulsory
Macroeconomics 1 ECON10252 Pre-Requisite Compulsory
Microeconomics 1 ECON10331 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 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.

Learning outcomes

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.

Syllabus

  • 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

Employability skills

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.
Research
Planning, conducting and reporting on research.
Other
Use of computer programmes to analyse data.

Assessment methods

20% Assignments

80% Exam

 

 

Feedback methods

  • Online quizzes
  • Exercise and Feedback Classes with individual and group feedback on submitted work
  • Tutorials, drop-in sessions and office hours
  • Discussion boards

Recommended reading

Essential

McGuigan, Moyer and Harris, Managerial Economics: Applications, Strategies and Tactics, Cengage Learning. (IBSN:9781305506381)

Supplementary Readings:

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).

Study hours

Independent study hours
Independent study 0

Teaching staff

Staff member Role
Rachel Griffith Unit coordinator

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