Essex Business School
Postgraduate: Level 7
Monday 13 January 2020
Friday 20 March 2020
04 September 2019
Requisites for this module
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,
MBM N21012 MBM
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.
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.
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
No additional information available.
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.
This module does not appear to have a published bibliography.
Module supervisor and teaching staff
No external examiner information available for this module.
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).
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