Managerial Economics

Course aim

The aim of this course is to introduce students to important economic concepts and tools that can help them to structure and solve managerial decision problems. Concepts and tools introduced in the course include determination of the market equilibrium, elasticity of demand, economic efficiency, the role of government, cost of production, and market structure. The course also covers macroeconomic issues including fiscal and monetary policies. The economic concepts and tools introduced in the course are applicable to local, national, and global business strategy problems.

Course content

The following topics will be covered in the course: 

• Introduction and Demand
• Determination of Market equilibrium and Elasticity of Demand
• Competitive Markets and Economic Efficiency
• Cost of Production
• Market Power and Pricing
• Strategic Thinking
• Regulation
• Introduction to Macroeconomics

Textbook(s)

Gans, J, King, S, Stonecash, R & Mankiw, NG 2012, Principles of economics, 5th edn, Cengage Learning Australia Ltd., South Melbourne, Vic

Prerequisite(s)

Nil

Corequisite(s)

Nil

Teaching method

Component	Duration
INTERNAL, CITY WEST
Seminar (Compulsory Introductory Seminar)	4 hours x N/A
Seminar	3 hours x 11 weeks
EXTERNAL, CITY WEST, ONLINE
External (Asynchronous Online Discussion plus 1 hour per week of Compulsory Synchronous Discussion)	37 hours equiv. x N/A
EXTERNAL, OFFSHORE, HOPKINS TRAINING AND EDUCATION GROUP, ONLINE
External (Asynchronous Online Discussion plus 1 hour per week of Compulsory Synchronous Discussion)	37 hours equiv. x N/A
INTERNAL, OFFSHORE, JIANGXI UNIVERSITY OF FINANCE AND ECONOM, MANDARIN
Seminar	8 hours x 4 days
INTERNAL, OFFSHORE, SOUTHWEST JIATONG UNIVERSITY, MANDARIN
Seminar	8 hours x 4 days
EXTERNAL, CITY WEST, DISTANCE EDUCATION
External	33 hours x N/A

Note: These components may or may not be scheduled in every study period. Please refer to the timetable for further details.

Assessment

2 Individual assignments, Examination, Group assignment, Individual assignment, Individual online discussion - weekly discussion topics

Fees

EFTSL*: 0.125
Commonwealth Supported program (Band 3)
To determine the fee for this course as part of a Commonwealth Supported program, go to:
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Fee-paying program for domestic and international students
International students and students undertaking this course as part of a postgraduate fee paying program must refer to the relevant program home page to determine the cost for undertaking this course.

Non-award enrolment
Non-award tuition fees are set by the university. To determine the cost of this course, go to:
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Not all courses are available on all of the above bases, and students must check to ensure that they are permitted to enrol in a particular course.

* Equivalent Full Time Study Load. Please note: all EFTSL values are published and calculated at ten decimal places. Values are displayed to three decimal places for ease of interpretation.