BUSM 7061 Managerial Economics
Credit Points 10
Legacy Code 200793
Coordinator Vivienne Saverimuttu Opens in new window
Description This subject introduces students to the application of basic economic concepts to managerial decision-making and their use in a range of business environments. Students will learn how to apply microeconomic tools to common problems facing business managers, such as maximising profit, setting prices, creating efficient incentive structures, and selecting competitive strategies. Case studies are also used to demonstrate the value of microeconomic tools in making business decisions, and to foster the student's application of their learning to their own business environment.
Discipline Business Management
Student Contribution Band HECS Band 4 10cp
Check your fees via the Fees page.
Level Postgraduate Coursework Level 7 subject
Equivalent Subjects LGYA 8716 - Economic Contexts for Managers LGYA 8679 - International Financial Management ECON 7002 - International Trade and Industry Economics
Incompatible Subjects ECON 7001 - Economics (PG)
Students must be enrolled in the following programs: 5502 Graduate Certificate in Business Administration, 2755 Master of Business Administration, 2757 Graduate Certificate in Business Administration, 2762 Executive Master of Business Administration.
On successful completion of this subject, students should be able to:
- Determine basic economic tools that can guide businesses when selecting cost structures, output levels and a specific product mix;
- Employ economic methods to guide the use of business resources, and to make investment decisions;
- Examine the current market and industry changes at regional and global levels, and predict possible future developments;
- Appraise the economic theories of strategy and bargaining, and develop an approach to deal with business uncertainty;
- Evaluate alternative incentive programs, and determine which is most appropriate for their own business environment.
- managers, Profits, and markets
- demand, Supply and market Equilibrium
- Marginal analysis for Optimal decisions
- Basic estimation techniques
- theory of Consumer behaviour
- Elasticity and demand
- demand estimation and Forecasting
- Estimating and Forecasting industry demand for price-taking Firms
- production and cost in The short Run
- production and cost in The long Run
- production and cost estimation
- Managerial decisions in competitive markets
- Managerial decisions for Firms with market power
- decisions under Risk and uncertainty
- government regulation of business
- The investment decision
The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.
|1,000 words each
- Froeb, LM, McCann, BT, Ward, MR, & Shor, M. 2018, Managerial economics - a problem solving approach, 5th edition, Cengage Publishing.