Year of entry: 2018
Course unit details:
Managerial Economics I
|Unit level||Level 2|
|Teaching period(s)||Full year|
|Available as a free choice unit?||Yes|
See course Blackboard pages.
|Unit title||Unit code||Requirement type||Description|
|Introductory Statistics for Economists||SOST10062||Pre-Requisite||Compulsory|
Must have taken at least one of the following combinations (compulsory Pre-Requisite):
- (ECON10171 and ECON10172) or
- (ECON10081 and ECON10082) or
- (ECON10041 and ECON10042)
AND also at least one of the following combinations (compulsory Pre-Requisite):
- (ECON10061 and ECON10062) or
- (ECON10001 and ECON10132) or
- (ECON10071 and ECON10072)
The aim of this course is to introduce students to theoretical economic concepts and analytical tools relevant to firm management. This module prepares students to more advanced topics covered in Managerial Economics II (ECON31000).
At the end of this course students should be able to:
- Demonstrate a sound understanding of demand theory, costs and profit analysis, perfect and imperfect competition, and market and organisation structures.
- Employ a rigorous approach to modeling economic problems.
- Apply the appropriate techniques (including algebraic manipulations, linear regression, forecasting methods, linear programming and other management techniques) to find efficient solutions to these problems.
Estimation of Demand
• Statistical Estimation of Demand Functions
• Linear Regression Models / Nonlinear Regression Models
Business and Economic Forecasting
• Series Analysis / Smoothing Techniques
Long-Term Investment Decisions
• Capital Budgeting Process / Firm’s Cost of Capital / Cost-Benefit Analysis
Cost Minimization/Profit Maximization
• Linear Programming
Demand Theory and Analysis
• Demand Functions / Price and Income Elasticity
Production and Cost Analysis
• Average and Marginal Costs / Short-Run versus Long-Run Cost
• Returns to Scale; Economies of Scope and Scale; Learning Curves
• Perfect Competition / Monopolies / Non-Cooperative Oligopolies
Teaching and learning methods
Lectures, exercise classes and feedback classes.
- Analytical skills
- Synthesis and analysis of data and information.
- Problem solving
- Planning, conducting and reporting on research.
- Using library, electronic and online resources. Using reporting skills. Mapping and modelling. Information retrieval. Numeracy. Literacy. Computer literacy. Time management. Applying subject knowledge. Improving own learning.
- 6 Assignments in total - 3 assignments released per semester (15% of final grade).
- January Exam - 2 sections of equal weight, answer all of Section A (multiple choice) and 2/3 questions from Section B (42.5% of final grade).
May/June Exam - 2 sections of equal weight, answer all of Section A (multiple choice) and 2/3 questions from Section B (42.5% of final grade).
- Weekly multiple choice quizzes to be completed online.
- In the Feedback Classes, you collect your Assignment and have the possibility to obtain individual/group feedback on the submitted work and any other items concerning the exercises covered.
- Office hours.
- Revision sessions.
- McGuigan J. R., R. C. Moyer, F. H. deB. Harris (2014), Managerial Economics: Applications, Strategy and Tactics, 13e, Cengage Learning. (ISBN-10: 1285420926, ISBN-13: 9781285420929)
****AVAILABLE as E-BOOK to DOWNLOAD from BLACKBOARD (as part of a Pilot Project)****
- Allen, W.B., K Weigelt, Neil Doherty (2009), Managerial Economics, 7e, W.W. Norton & Company (ISBN 978-0-393-93224-9)
- Baye M.R. and Prince J. (2013), Managerial Economics and Business Strategy. Irwin (8th Edition). (ISBN-10: 0073523224, ISBN-13: 978-0073523224)
- Kreps D. (2003), Microeconomics for Managers, W.W. Norton & Company (ISBN 0-393-97678-5).
|Scheduled activity hours|
|Assessment written exam||3|
|Independent study hours|
|Mario Pezzino||Unit coordinator|
|Carlo Reggiani||Unit coordinator|