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 Knowledge of mathematics, natural sciences, basic engineering, computer-based computation, and topics specific to the relevant engineering discipline.
2. P02 Ability to apply knowledge of mathematics, natural sciences, basic engineering, computer-based computation, and topics specific to the relevant engineering discipline to the solution of complex engineering problems.
3. P03 Ability to define complex engineering problems by using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) related to the problem addressed.
4. P04 Ability to formulate complex engineering problems using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) associated with the problem addressed.
5. P05 Ability to analyse and solve complex engineering problems using knowledge of basic sciences, mathematics, and engineering, while considering the relevant United Nations Sustainable Development Goals (SDGs) associated with the problem addressed.
6. P06 Ability to design creative solutions to complex engineering problems.
7. P07 Ability to design complex systems, processes, devices, or products in a way that meets present and future needs while considering realistic constraints and conditions.
8. P08 Ability to select and use appropriate techniques and resources—including estimation and modelling—for the analysis and solution of complex engineering problems, while being aware of their limitations.
9. P09 Ability to select and use modern engineering and computational tools—including estimation and modelling—for the analysis and solution of complex engineering problems, while being aware of their limitations.
10. P10 Ability to conduct literature research and use appropriate research methods for the investigation of complex engineering problems.
11. P11 Ability to design experiments for the investigation of complex engineering problems.
12. P12 Ability to conduct experiments, collect data, analyse results, and interpret findings for the investigation of complex engineering problems.
13. P13 Knowledge of the impacts of engineering practices on society, health and safety, the economy, sustainability, and the environment within the framework of the United Nations Sustainable Development Goals (SDGs).
14. P14 Awareness of the legal implications of engineering solutions within the framework of the United Nations Sustainable Development Goals (SDGs).
15. P15 Knowledge of ethical responsibility and adherence to the principles of professional engineering conduct.
16. P16 Awareness of acting impartially without discrimination in any matter and of being inclusive of diversity.
17. P17 Ability to work effectively as an individual.
18. P18 Ability to work effectively as a team member or leader in intra-disciplinary teams (face-to-face, remote, or hybrid).
19. P19 Ability to work effectively as a team member or leader in multidisciplinary teams (face-to-face, remote, or hybrid).
20. P20 Ability to communicate effectively in spoken form on technical matters, taking into account the diverse characteristics of the target audience (such as education, language, and profession).
21. P21 Ability to communicate effectively in written form on technical matters, taking into account the diverse characteristics of the target audience (such as education, language, and profession).
22. P22 Knowledge of professional practices such as project management and economic feasibility analysis.
23. P23 Awareness of entrepreneurship and innovation.
24. P24 Ability for independent and lifelong learning.
25. P25 Ability to adapt to new and emerging technologies.
26. P26 Lifelong learning ability that includes the capacity to think critically about technological changes.

Po-Lo Matrix