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Module

ACC2002 : Managerial and Business Economics

  • Offered for Year: 2021/22
  • Module Leader(s): Professor Simon Hussain
  • Lecturer: Dr Xi Li, Dr Jose Liu
  • Other Staff: Dr Deeya Sewraj
  • Owning School: Newcastle University Business School
  • Teaching Location: Newcastle City Campus
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

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
• 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
Structured Guided LearningLecture materials61:006:00Pre-recorded materials (3 hrs per semester)
Scheduled Learning And Teaching ActivitiesLecture181:0018:00PiP lectures (1 hour each): 9 in Sem 1 and 9 in Sem 2.
Guided Independent StudyAssessment preparation and completion160:0060:00For completion of summative and formative assessments.
Guided Independent StudyDirected research and reading166:0066:00Includes a component related to the project plus reading on lecture topics.
Scheduled Learning And Teaching ActivitiesSmall group teaching61:006:003 x 1 hour sessions in Sem 1 and 3 x 1 hour sessions in Sem 2.
Structured Guided LearningStructured non-synchronous discussion40:302:00Non-synch discussion board. Two per semester (30 min each).
Guided Independent StudyIndependent study138:0038:00Independent study - general.
Scheduled Learning And Teaching ActivitiesScheduled on-line contact time41:004:002 x 1 hour sessions in Sem 1 relating to the project; 2 x 1 hour sessions (general).
Total200:00
Jointly Taught With
Code Title
ACC2063SA Sem 1 Managerial and Business Economics
Teaching Rationale And Relationship

Formal lecture materials are used to explain the issues, and to introduce concepts and techniques. Seminar sessions are held throughout the year, designed to be both explanatory and interactive and offering the opportunity to explore issues raised in lectures. Students have the opportunity to develop and practise key skills in these sessions. Students are able to judge their progress in the module through these sessions.

Assessment Methods

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

Exams
Description Length Semester When Set Percentage Comment
Written Examination1202A75N/A
Exam Pairings
Module Code Module Title Semester Comment
LAC2002Managerial and Business Economics2N/A
Other Assessment
Description Semester When Set Percentage Comment
Report1A251200 word report
Formative Assessments
Description Semester When Set Comment
Prob solv exercises1MPractice questions (e.g. past exams)
Prob solv exercises2MPractice questions (e.g. past exams)
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 1200 word report provides an opportunity for students to demonstrate their business knowledge and written communication (report writing) skills.

In the case of an alternative semester 2 assessment (worth 75% of the overall module mark) being necessary due to circumstances, the module leader will in the first instance consult with the DPD as to the requirements of the professional accrediting body to discuss possible acceptable alternatives. In 2020/21 this alternative was a 24 hour take home exam delivered online, and it is envisioned that if circumstances do not allow a present-in-person timed exam at the end of semester 2, and the professional body agrees, than this may well be an example of the type of alternative assessment which could be put in place.

Reading Lists

Timetable