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 Gain the ability to apply the Pharmacy profession.
2. P02 Interpret the accuracy and reliability of the current theoretical and practical knowledge in the field of pharmacy, as well as being able to follow and evaluate innovations.
3. P03 Practically apply the knowledge they gain on pharmaceutical sciences. The acquired knowledge and skills allow the graduates to act as the closest health consultant to the public with the ability to inform the public.
4. P04 Evaluate and apply current technology related to basic subjects and principles covering pharmacy and health sciences and take part in in-service training seminars.
5. P05 Know the risks and evaluation of the use of drugs and other chemicals and safe laboratory practices (GMP).
6. P06 Acquire the ability to interpret the findings obtained by qualitative and quantitative measurements and to reach valid scientific results from the data.
7. P07 Prepare pharmaceuticals and provide guidance on the use of pharmaceutical products.
8. P08 Design research and develop projects related to pharmaceutical products; manage and share the results.
9. P09 Be competent to accurately and intelligibly communicate and transfer knowledge about prescription content and pharmaceutical products to the patient / user. The graduates are trained on taking necessary precautions for safe drug usage and encouraging rational drug use, as well as providing consultancy and supervision.
10. P10 Work in an interdisciplinary environment. Graduates can cooperate with other professional groups, participate in vocational training and activities, have proper knowledge and communication skills.
11. P11 Take part in social responsibility projects related to health. Graduates have awareness on sustainable environment and participate in activities and practices related to their profession.
12. P12 Open a community pharmacy, also work in hospital pharmacies, can work in different fields related with pharmaceuticals, cosmetics, medical and herbal products, as well as production and quality control in the pharmaceutical industry. Takes part in the professional development of herself/himself, her/his colleagues and pharmacy students.
13. P13 Implements the legal and professional law and ethics as a health professional, in issues concerning public health.
14. P14 Knows and applies the processes related to drug design from natural or synthetic sources, as well as development, preparation, analysis and metabolism of drugs in the human body.

Po-Lo Matrix