ACE2012 : Managerial Economics

  • Module Leader(s): Dr Philip Dawson
  • Owning School: Agriculture, Food & Rural Development
Semesters
Semester 1 Credit Value: 10
Semester 2 Credit Value: 10
ECTS Credits: 10.0

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 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.

Outline Of Syllabus

Consumer Demand
* 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

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Guided Independent StudyAssessment preparation and completion122:0022:00preparation and completion of Semester 2 examination
Guided Independent StudyAssessment preparation and completion111:0011:00preparation and completion for Semester 1 examination
Scheduled Learning And Teaching ActivitiesLecture401:0040:00N/A
Guided Independent StudyDirected research and reading147:0047:00research and reading using recommended materials
Guided Independent StudyIndependent study140:0040:00research and reading beyond the taught material
Guided Independent StudyIndependent study140:0040:00Lecture follow up
Total200:00
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.

Assessment Methods

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

Exams
Description Length Semester When Set Percentage Comment
Written Examination601A20N/A
Written Examination1202A80N/A
Formative Assessments
Description Semester When Set Comment
Essay1MN/A
Essay2MN/A
Assessment Rationale And Relationship

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.

Reading Lists

Timetable

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.