Module Identifier MBM1010  
Module Title ECONOMICS FOR MANAGERS  
Academic Year 2005/2006  
Co-ordinator Dr Mark J Rhodes  
Semester Semester 1  
Course delivery Lecture   Introduction plus 8 x 2 hour sessions  
  Other   Reading programme and group-based activities  
Assessment
Assessment TypeAssessment Length/DetailsProportion
Semester Exam2 Hours  75%
Semester Assessment Group project  25%
Supplementary Exam2 Hours  100%

Learning outcomes

On successful completion of this module students should be able to:
understand how economics can be used to formulate and inform business and everyday problems, in particular those involving choice, and those arising when outcomes depend on the interplay of actions by market rivals.

Aims

The aim of the course is to introduce selected economic concepts and demonstrate their application in practical decision-making contexts.   It examines the role and operation of the market mechanism in the use of marginal analysis in optimising choice; and strategic considerations which arise when outcomes depend on others' choices as well as one's own.

Brief description

This module is designed for students without significant background in economics.

Content

1.   Introduction: Everyone Should Know Something about Economics
2.   Making the Most of a Budget
3.   Deciding How Much to Produce
4.   Producing at Minimum Cost
5.   Measuring Productivity
6.   Demand, Supply and Market Equilibrium
7.   Market Intervention
8.   Overshooting, Externalities and Public Goods
9.   Monopoly and Asymmetric Information
10. The Oligopolists¿ Dilemma
11. Entry Deterrence
12. Bidding and Contracting
13. Auctions
14. Risk and Uncertainty
15. Incentive Contracts

Reading Lists

Books
** Recommended Text
Brickley, James A Managerial economics and organizational architecture McGraw-Hill
Kreps, David M (2004) Microeconomics for Managers W W Norton & Company, New York and London
** Supplementary Text
Axelrod, Robert Evolution of Cooperation edition n.e. . Penguin 140124950
Townsend, Harry Foundations of Business Economics Routledge 415120748
McMillan, John "Games,Strategies and Managers" edition n.e. . Oxf.U.P.(N.Y.) 195108035
Dixit, Avinash K. Thinking Strategically edition n.e. . W.W.Norton 393310353
Axelrod, R. (1984) The Evolution of Co-operation, Basic Books
Campbell, D. (1995) Incentives: Motivation and the Economics of Information, Cambridge
McMillan, J. (1995) Games, Strategies and Managers, Oxford
Dixit, A. and Nalebuff (1991) Thinking Strategically, Norton
Campbell, Donald E. Incentives Camb.U.P. 052147857X
Brigham, Eugene F. Managerial Economics edition 8r.e. . HB Dryden,U.S. 30113032
Dobbs, Ian Managerial Economics Oxf.U.P. 198775709

Notes

This module is at CQFW Level 7