BE274-7-SP-SO:
Managerial Economics

The details
2020/21
Essex Business School
Southend Campus
Spring
Postgraduate: Level 7
Current
Sunday 17 January 2021
Friday 26 March 2021
15
10 February 2020

 

Requisites for this module
(none)
(none)
(none)
(none)

 

(none)

Key module for

MSC N20912 Global Project Management,
MSC N209MO Global Project Management,
MSC N12012 International Business and Entrepreneurship,
MSC N120MO International Business and Entrepreneurship,
MSC N11112 Business Analytics,
MSC N111JS Business Analytics,
MBM N21012 MBM

Module description

Managerial Economics is defined as the discipline which deals with the application of economic theory to business management. Managerial Economics thus lies on the borderline between economics and business management and serves as a bridge between economics and business management. The focus of the module will be theoretical and it will be concerned with enabling students to examine the different economic concepts which can be used to analyse business situations.

The prime function of a management executive in a business organization is decision making and forward planning. Decision making means the process of selecting one action from two or more alternative courses of action whereas forward planning means establishing plans for the future. The question of choice arises because resources are limited and can be employed in alternative uses.
The decision making function becomes one of making choices or decisions that will provide the most efficient means of attaining a desired end, say, profit maximization. Once decision is made about the particular goal to be achieved, plans as to production, pricing, capital, raw materials, labour, etc, are prepared. In fulfilling the function of decision making in an uncertainty framework, economic theory can be pressed into service with considerable advantage.

Economic theory deals with a number of concepts and principles relating, for example, to profit, demand, cost, pricing production, competition, business cycles, national income, etc., which can be used to solve business problems. The course will focus on the development of critical understanding of how economic concepts (profits, demand, cost, pricing production, competition, business cycles) can be used to solve business problems.

Module aims

The main aim of the module is to enable students to obtain a critical understanding of how economic concepts (profits, demand, cost, pricing production, competition, business cycles) can be used to solve business problems.

Module learning outcomes

On successful completion of the module, students should be able to:

1. Demonstrate a critical understanding of different economic concepts and how they can be used in business situations;

2. Understand the methods and tools of economics and how they are applied to business situations

3. Using economic analysis to solve real world business problems related to entrepreneurs, SMEs and MNCs

Module information

No additional information available.

Learning and teaching methods

The following learning and teaching methods will be used to inform the pedagogic structure of the module: Lectures; Seminars; Group work; Discussion of journal articles. The lectures will be developed around the key concepts as mentioned in the indicative module content and will use a range of live examples and cases to show how companies make decisions. The seminars will focus extensively on cases from managerial economics research and selected journal articles. Cases are drawn from a variety of sources including key peer-reviewed journals to encourage students to analyse applications and justification of research methodology in different contexts. The seminars will also aim to provide support to the students in the form of identifying barriers to learning and finding solutions, providing guidance for developing research proposal, and mopping up any other student-centred learning issues that may arise. Note that class tutorials will be concerned primarily with lecture content issues. The class exercise will group work on set tasks to provide students with the opportunity to develop understanding of how markets work and how firms make decisions.

Bibliography*

  • Martin J. Osborne. (2009) An Introduction to Game Theory: International Edition: OUP Oxford.
  • James BrickleyClifford SmithJerold Zimmerman& 0 more. (2015) Managerial Economics & Organizational Architecture: McGraw-Hill Education / Asia; 6 edition.
  • David Dranove. (2013) Economics of Strategy International Student Version: John Wiley & Sons; 6th Edition International Student Version edition.

The above list is indicative of the essential reading for the course. The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students. Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Weighting
Coursework   Individual Essay    100% 
Exam  180 minutes during Summer (Main Period) (Main) 

Overall assessment

Coursework Exam
0% 100%

Reassessment

Coursework Exam
0% 100%
Module supervisor and teaching staff
Miss Anupriya Misra, email: amishra@essex.ac.uk.
ebshelp-sou@essex.ac.uk

 

Availability
No
No
No

External examiner

Dr Ping Zheng
Canterbury Christ Church University
Resources
Available via Moodle
Of 21 hours, 21 (100%) hours available to students:
0 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s).

 

Further information
Essex Business School

* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.

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