Module Information
Module Identifier
MBM1010
Module Title
Economics for Managers
Academic Year
2013/2014
Co-ordinator
Semester
Intended for use in future years
Course Delivery
| Delivery Type | Delivery length / details |
|---|---|
| Lecture | Introduction 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 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
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
Reading List
Recommended TextKreps, 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