ACE2012 : Food Business Economics

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


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 standard models to understand firm business decsions. 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

Indicative module content
Consumer Demand
* Consumer Demand Theory
* Principles of behaviour economics
* Demand Curve Estimation and Forecasting
* Welfare economics

Firm Supply and Market Structure
* Production and Cost Analysis
* Costs of doing business (Sunk costs & Transaction costs)
* Pricing Practices
* Risk management
* Market Structure: Monopolistic Competition and Oligopoly.

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion19:309:30preparation and completion of Semester 2 examination
Guided Independent StudyAssessment preparation and completion19:309:30preparation and completion for Semester 1 examination
Scheduled Learning And Teaching ActivitiesLecture162:0032:00N/A
Guided Independent StudyDirected research and reading171:0071:00research and reading using recommended materials
Scheduled Learning And Teaching ActivitiesWorkshops22:004:00The workshops' goal is provide to a practical application of material taught in class.
Guided Independent StudyIndependent study130:0030:00research and reading beyond the taught material
Guided Independent StudyIndependent study144:0044:00Lecture and workshop preparation and follow up
Teaching Rationale And Relationship

The lectures build on, and extend economics in Stage 1. The aim is to improve awareness and understanding of marketing and managerial decision-making. In particular, the lectures provide an economic framework within which marketing and managerial decision-making is undertaken. Diagrammatical exposition is used to examine economic behaviours of the consumer and firm, and to examine how markets behave. 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 non-specialists.
Lectures provide a skeletal framework and students are expected to review and supplement lecture material from textbooks and material from Blackboard. Independent study and formative essays consolidate learning and improve both generic and economics-specific writing and presentational skills.

Workshops will offer the students to apply the knowledge in class to a practical example. These sessions are designed to give students a chance to learn by doing and discussing with their peers. The workshops will be capped to a maximum of 40 students per session, so there may be multiple sessions in a week and these need to be timetabled.

Assessment Methods

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

Description Length Semester When Set Percentage Comment
Written Examination901A50This exam covers the material in the first semester
Written Examination902A50This exam covers the material taught in semester 2
Formative Assessments
Description Semester When Set Comment
Assessment Rationale And Relationship

Examinations and online midterm Multiple Choice Questionnaires test student learning. In particular, examinations assess the awareness, appreciation and capacity to employ findings, research methods and principles of managerial economics of the consumer, firm and market.

They test the ability to explain economic theory and numerical findings concisely and accurately with the aid of diagrams where applicable. They also test the appreciation that marketing and managerial decision-making takes place within an economic environment and that the efficacy of decisions depends on that environment.

The midterms will assess the concepts covered until the week before the test and will mainly assess understanding of economics concepts and reasoning.

Reading Lists