Gwybodaeth Modiwlau

Module Identifier
MBM1010
Module Title
Economics for Managers
Academic Year
2020/2021
Co-ordinator
Semester
Intended for use in future years

Course Delivery

 

Assessment

Assessment Type Assessment length / details Proportion
Semester Assessment Group project  25%
Semester Exam 2 Hours   75%
Supplementary Assessment Repeat failed elements or equivalent  25%
Supplementary Exam 2 Hours   Repeat failed elements or equivalent  75%

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.

Aims

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.

Brief description

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

Content

1. Introduction: What is Economics, and Why 'Economics for Managers'
2. Demand, Supply and Market Equilibrium
3. Market Intervention
4. Profit Maximisation
5. Firms Within Markets: Alternative Market Structures
6. Competitive Firms and Perfect Competition
7. Market Failure and Inefficiencies: Monopoly 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


Notes

This module is at CQFW Level 7