Module Identifier
MBM1010
Module Title
ECONOMICS FOR MANAGERS
Academic Year
2008/2009
Co-ordinator
Mr Dennis A Thomas
Semester
Semester 1
Other Staff
 

Course Delivery

Delivery Type Delivery length / details
Lecture Introductory lecture plus 10 x 2 hour sessions
Seminars / Tutorials Fortnightly tutorials and group based activities
 

Assessment

Assessment Type Assessment length / details Proportion
Semester Assessment Group project  25%
Semester Exam 2 Hours   75%
Supplementary Exam 2 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.

Brief description

This module is designed for students without significant background in economics. The aim of the course is to introduce selected economic concepts and demonstrate their application in practical decision-making contexts. On completion of the course students will understand how economics can be used to forumlate and inform business and everyday problems, in particular those involving choice.

Content

1. Introduction: What is Economics, and Why 'Economics for Managers'
2. Demand, Supply and Market Equilibrium
3. Market Intervention
4. Profix Maximisation
5. Firms Within Markets: Alternative Market Structures
6. Competitive Firms and Perfect Competition
7. Market Failure and Inefficiencies: Monoply Imperfections and Externalities
8. Optimisation and Equating at the Margin
9. Producer Behaviour: Deciding How Much to Produce
10. Cost Minimisation and Cost Curves
11. The Oligopoly Problem
12. Strategic Decision Making and Game Theory
13. Separation of Ownership and Control
14. Principals and Agents: Incentive Contracts
15. Bidding, Contracting and Auctions

Reading List

Recommended Text
Kreps, David M (2004) Microeconomics for Managers W W Norton & Company, New York and London Primo search Supplementary Text
Dixit, Avinash K. (1991) Thinking Strategically Alternative and additional sources edition n.e. W.W.Norton Primo search Dobbs, Ian (2000) Managerial Economics Alternative and additional sources Oxf.U.P. Primo search Fisher, Timothy C. G. (2002.) Managerial economics :a game theoretic approach /[by] Timothy C.G. Fisher and Robert G. Waschik. Routledge Primo search McMillan, J (1995) Games, Strategies and Managers Oxford Primo search Petrochilos, George A. (2004.) Managerial economics :a European text : theory, policies, and problems /George A. Petrochilos. http://www.loc.gov/catdir/description/hol041/2003060862.html Palgrave Macmillan Wilkinson, N (2005) Managerial Economics: A Problem Solving Approach Cambridge University Press, Cambridge Primo search

Notes

This module is at CQFW Level 7