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. Recognized and applied all the learning tools and techniques learnt which they will implement throughout their lives and future careers.
2. P02 2. Become confident in their knowledge and skills so that they can successfully study and work on their own.
3. P03 3. Attained a high level of professionalism through the fundamental knowledge and skills gained in both marketing and digital fields.
4. P04 4. Demonstrated a solid understanding of core business principles in the primary areas of digital marketing, web technologies, new media and management, as well as the interconnectedness of these disciplines in the running of an organization.
5. P05 5. Been able to critically implement their knowledge and skills in both written, oral and digital forms to an intended audience, based on creative and analytical approaches.
6. P06 6.Demonstrated their understanding of the ethical and protected use of various new media such as social media, mobile technology, web analytics, search engine optimization, and viral advertising in both their studies and careers.
7. P07 7. Implemented best practices in business for planning, decision-making, and problem-solving based on collaborative work and studies.
8. P08 8. Demonstrated effective communication skills in addition to in-depth of analysis and synthesis which are essential in multicultural educational and work contexts.
9. P09 9. Demonstrated critical thinking characterized by the ability to define business problems with the evidence available, discern fact from opinion, determine underlying causes, formulate and evaluate potential solutions.
10. P10 10. Been able to implement ideas and concepts through the development and creation of digital content for effective social media marketing strategies, and designing and evaluating the effectiveness of interactive web sites to increase web traffic flows, visibility, consumer satisfaction and response rates.
11. P11 11. Embodied integrity in their work and actions, honor confidentiality, followed generally accepted codes of conduct in the digital marketing industry.
12. P12 12. Devoted themselves to follow the codes of ethics, improve privacy issues with social media, conflict, and citizenship in order to frame a better understanding of digital marketing.

Po-Lo Matrix