Managerial Economics

Course aim

This course provides students with theoretical and practical knowledge of economic concepts important to managerial decision making and explores their impact on organisational management and leadership, business strategy, and business conduct. Concepts and tools examined in the course are applicable to local, national, and global business strategy problems and 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.

Students completing the course develop a body of knowledge that:

• Contributes to a comprehensive and integrated application of economic concepts to recent developments in the field of senior organisational management and leadership in international business environments.
• Provides a pathway for further learning.

Course content

Topics covered in this course include:

• Introduction to Economics, and Supply 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, Byford M, Libich, J & Mankiw, NG 2015, Principles of economics, 6th edn, Cengage Learning Australia Ltd., South Melbourne, Vic

Prerequisite(s)

Common to all relevant programs
Subject Area & Catalogue Number	Course Name
BUSS 5244	Contemporary Management Skills

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
EXTERNAL, CITY WEST, DISTANCE EDUCATION
External	37 hours equiv. 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

Examination, Group assignment, Individual assignment

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.