MANAGERIAL ECONOMICS

Course Description

The main aim of this course is to study fundamental principles of microeconomics most relevant to managers. Topics include costs, demand, pricing, market structure, market equilibrium, and strategic interaction. The course focuses on: (i) profit maximization by firms; and (ii) market equilibrium in different competitive settings. The course should enhance your understanding of how markets operate and develop your capability in making economic predictions about market outcomes. Economists are model builders, as these facilitate careful analysis, and it is important to develop facility in working in this context. Managerial Economics is the application of economic theory and methodology to managerial decision making problems within various organizational settings such as a firm or a government agency.

MANAGERIAL ECONOMICS

Evaluation Tools (Active Term)

No evaluation items have been defined.

Course outcomes

1. 01 To identify economic theories about business practices 2
2. 02 To measure economic and financial benefit 2
3. 03 To analyse optimal levels of activities 4
4. 04 To apply empirical Methods using simple linear regression 3
5. 05 To test for statistical significance 2
6. 06 To formulate multiple regression model 3
7. 07 To hypothesis controlling product quality 5
8. 08 To calculate budget line, utility and consumer preferences 2
9. 09 To calculate elasticity2
10. 10 To predict demand using demand 5

Course Syllabus

Reference Books & Course Materials

1. 01 Thomas, C. & Maurice, S. (2015). Managerial Economics: Foundations of Business Analysis and Strategy.12th ed. McGrawHill

Learning Outcomes

1. L01 To discuss the theory of consumer including demand, choice, and preferences. SOLO 5
2. L02 To assess the supply side by analyzing the firm's decisions with cost-minimization and profit max framework SOLO 5
3. L03 To compute cost and profit. SOLO 3
4. L04 Economic models used to analyse data
5. L05 calculate various elasticity
6. L06 To assess the role of prices in the market SOLO 4
7. L07 To compute market equilibrium. SOLO 3

Program Outcomes

1. P01 1- To have advanced theoretical and practical knowledge supported by textbooks, application tools and other resources including current information in the field of Accounting and Finance.
2. P02 2- To be able to use advanced theoretical and practical knowledge acquired in the field of Accounting and Finance.
3. P03 3- To be able to interpret and evaluate data, identify problems, analyze and develop solutions based on research and evidence by using advanced knowledge and skills acquired in the field of Accounting and Finance.
4. P04 4- To be able to take responsibility as an individual and a team member in order to solve complex and unpredictable problems in accounting and finance applications.
5. P05 5- To be able to plan and manage activities for the development of employees under the responsibility of a project.
6. P06 6- To be able to determine the learning requirements in the field of Accounting and Finance and to direct their learning.
7. P07 7- To be able to inform people and institutions about issues related to the field of accounting and finance, and to be able to transfer their ideas and solution proposals in writing and orally.
8. P08 8- To be able to use information and communication technologies together with computer software at the European Computer Driving License Advanced Level required by the field of Accounting and Finance.
9. P09 9- To act in accordance with social, scientific, cultural and ethical values in the stages of collecting, interpreting, applying and announcing the results related to the field of accounting and finance.

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