|Semester 1 Credit Value:||10|
|Semester 2 Credit Value:||10|
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 managerial economics at an intermediate level. The course is divided into two. The first semester considers consumer economics and some empirical applications from a marketing perspective. The second considers managerial economics of the firm with some empirical applications and market structure. Throughout, concepts and applications are made relevant to real world examples.
* Consumer Demand Theory
* Demand Curve Estimation and Forecasting
Firm Supply and Market Structure
* Production and Cost Analysis
* Linear Programming
* Market Structure: Monopolistic Competition and Oligopoly.
* Pricing Practices
|Category||Activity||Number||Length||Student Hours||Academic Staff Contact Hours||Comment|
|Guided Independent Study||Assessment preparation and completion||1||22:00||22:00||0:00||preparation and completion of Semester 2 examination|
|Guided Independent Study||Assessment preparation and completion||1||11:00||11:00||0:00||preparation and completion for Semester 1 examination|
|Scheduled Learning And Teaching Activities||Lecture||40||1:00||40:00||40:00||N/A|
|Guided Independent Study||Directed research and reading||1||47:00||47:00||0:00||research and reading using recommended materials|
|Guided Independent Study||Independent study||1||40:00||40:00||0:00||research and reading beyond the taught material|
|Guided Independent Study||Independent study||1||40:00||40:00||0:00||Lecture follow up|
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.
The format of resits will be determined by the Board of Examiners
Examinations 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.
Disclaimer: The University will use all reasonable endeavours to deliver modules in accordance with the descriptions set out in this catalogue. Every effort has been made to ensure the accuracy of the information, however, the University reserves the right to introduce changes to the information given including the addition, withdrawal or restructuring of modules if it considers such action to be necessary.