| Unit name | Managerial Economics |
|---|---|
| Unit code | ECONM2015 |
| Credit points | 15 |
| Level of study | M/7 |
| Teaching block(s) |
Teaching Block 2 (weeks 13 - 24) |
| Unit director | Dr. Proud |
| Open unit status | Not open |
| Pre-requisites |
None |
| Co-requisites |
None |
| School/department | School of Economics, Finance and Management |
| Faculty | Faculty of Social Sciences and Law |
Managerial economics teaches students how to make better business decisions using a range of economic tools and concepts. The course enables students to understand, analyse and evaluate economic aspects of business and business environment. It covers six main areas, decision analysis, tools and techniques, demand and cost analysis, market structure and theories of the firm, pricing and related decisions, regulatory intervention and organisational architecture.
On completion of the unit students will be able to: 1. Demonstrate knowledge and understanding of the methods, content and scope of economic principles in managerial decision making; 2. Apply microeconomic analysis to the business decisions of firms; 3. Analyse and evaluate market structure, the effect of business conduct on market structure and on business performance, and strategic and competitive conduct between firms.
Lectures and tutorials
Summative Assessment 3 Hour written examination (100%) This examination will include essays on economic theory, and mathematical microeconomic problems. ILO 1 and 3 will be assessed using essays, whilst ILO 2 and 3 will be further assessed using mathematical problems. Formative Assessment Students will prepare microeconomic problems for tutorials to address ILO 2 and 3. Essays will be submitted to cover ILO 1. 1 assignment and 1 essay will be formally assessed per student; general feedback will be given on other tutorial work.
Besanko et al. (2007), Economics of Strategy, John Wiley.
