Module Catalogue 2024/25

Pre Requisite Comment

This module aims to deliver intermediary level content on the economics of consumer demand and business, therefore it is imperative that students taking this module have at least a introductory level of understanding of economic reasoning and theories.

Co Requisite Comment

N/A

Aims

To enable students to understand how economic theory and numerical analysis can be used to aid marketing and management decision-making in businesses. The module builds upon introductory economics and examines applications in business economics at an intermediate level. The course is divided into two. The first semester considers consumer and behaviour economics and provides some empirical applications from a marketing perspective. The second considers focus on the economics of business strategy and covers models to understand firm business decisions. It will also provide empirical applications and introduce decision on different market structures. Throughout, concepts and applications are made relevant to real world examples.

Outline Of Syllabus

Consumer and Business Economics builds upon introductory economics and examines applications in business economics at an intermediate level. The module provides you with a range of material to gain an understanding on how both economic theory and numerical analysis can be used to aid marketing and management decision-making in businesses.

The course is divided into two main parts. The first part of the module, taught during the first semester, covers the main ideas and concepts in consumer and behaviour economics whilst providing empirical applications from a marketing perspective. The second part of the module, taught during the second semester, focuses on the economics of business strategy and covers economic models that help to understand how firm business decisions are made. This part of the module also provides empirical applications.

Throughout, concepts and applications are made relevant to real world examples. Supporting material for this module includes lecture slides, videos, html docs with R codes and examples

Intended Knowledge Outcomes

By the end of the module students should be able to:
1. develop an awareness, appreciation and capacity to employ findings, research techniques and principles of
managerial economics of the consumer, the firm and the market;
2. be able to use written and diagrammatic exposition to explain the economic theory of the consumer, the firm
and the market; and
3. be more aware of the relevance of economics to firms' management and marketing decision-making

Intended Skill Outcomes

By the end of the module students should have:
1. improved subject specific skills for the understanding of the use of consumer and business economics
reasoning in decision making.
2. Improved general intellectual skills in problem solving, data analysis, interpretation and presentation.
3. Improved writing skills which are both subject specific and generic.

Teaching Rationale And Relationship

The module uses lectures that build on, and extend economics taught during Stage 1. The lectures are designed to improve awareness and understanding of marketing and managerial decision-making using an economic frame. Diagrammatical exposition is used to explain consumer and firm behaviour under different market situations.
The economic theory is complemented with applied material including statistical regression analysis and
numerical problem-solving methods are examined as important aids to decision-making. A key focus is on the
interpretation of data analysis to aid decision-making, especially the ability to interpret and present results to nonspecialists.
It is important to note that lectures provide a good basis to understand concepts, ideas and applications of methods. However, students are expected to review this material as well as any supplement lecture material
from textbooks and material from Canvas. Independent study and formative essays consolidate learning and improve
both generic and economics-specific writing and presentational skills.
Students will be able to apply the theory into practice through practical examples

Assessment Rationale And Relationship

The written assessments in each semester will test student learning. In particular, assess the awareness, appreciation and capacity to employ findings, research methods and principles of consumer economics.

General Notes

N/A