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. Gained the necessary skills to learn and adopt a spirit of continuous learning in their professional life.
2. P02 2. Developed various skills by working independently via specific learned techniques that both triggered individual efforts and encouraged collaborative work.
3. P03 3. Acquired the essential knowledge and skills to apply key theories, models and applications within the global business context.
4. P04 4. Adopted and applied critical and strategic thinking together with research capabilities for efficient and effective business decisions.
5. P05 5. Utilized and managed ethically information technologies required for contemporary business world.
6. P06 6. Been equipped with conceptual and analytical skills necessary for team work within global organizations.
7. P07 7. Displayed their learnt communication skills that are required to effectively interact in a cross cultural and diverse international work environment.
8. P08 8. Applied their acquired knowledge within the changing work environment.
9. P09 9. Developed an understanding of ethical perspectives and social responsibilities to be used at work and in personal life.

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