Undergraduate

modules

Modules

ACC2002 : Managerial and Business Economics

Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

Aims

To introduce students to economic issues and decision-making tools, relating to major topics like demand analysis and estimation, production and cost functions, and decision making with differing market structures.

Outline Of Syllabus

OPTIMISATION: A BRIEF REVIEW
•       Univariate optimisation
•       Multivariate optimisation

CONSUMPTION & DEMAND
•       Axioms of traditional consumer theory
• Quantitative demand analysis
•       Indifference curves, consumption decisions and demand

PRODUCTION, COSTS & SUPPLY
•       Economic analysis of production
•       Cost functions (traditional and modern)
• The organization of the firm

MARKET STRUCTURE & PERFORMANCE OUTCOMES
•       Monopoly, price discrimination and welfare
•       Monopolistic competition
•       Models of Oligopoly: Cournot; Stackelberg; The kinked demand curve
• Game theory

     
MARKET STRUCTURE, FIRM STRATEGY & PERFORMANCE
•       Empirical evidence on SCP paradigm and concentration - profitability
•       Resource based view of the Firm
•       Persistance of profit
     
ANALYSIS OF FIRM STRATEGY
•       Product differentiation
•       Advertising
•       Barriers to entry

THEORIES OF THE FIRM
•       Neoclassical
•       Behavioural
•       Transaction-costs perspectives

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion164:0064:00N/A
Scheduled Learning And Teaching ActivitiesLecture182:0036:00N/A
Guided Independent StudyDirected research and reading150:0050:00N/A
Guided Independent StudyIndependent study150:0050:00N/A
Total200:00
Jointly Taught With
Code Title
ACC2063Managerial and Business Economics (Study Abroad S1)
Teaching Rationale And Relationship

Formal lectures are used to explain the issues, and to introduce concepts and techniques. Revision sessions are held throughout the year, designed to be both explanative and interactive and offering the opportunity to explore issues raised in lectures. Students have theopportunity to develop and practise key skills in these sessions. Students are able to judge their progress in the module through feedback in these sessions. Large group feedback sessions are used to provide answers to quantitative questions in the 1,500 word report.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Written Examination1352A75N/A
Exam Pairings
Module Code Module Title Semester Comment
LAC2002Managerial and Business Economics2N/A
Other Assessment
Description Semester When Set Percentage Comment
Report1A25N/A
Assessment Rationale And Relationship

Formal examination tests the students' intended knowledge outcomes and their ability to write about specific models/issues and solve numerical problems. The 1,500 word report provides an opportunity for students to demonstrate their business knowledge and written communication (report writing) skills.

Reading Lists

Timetable