Module Details
Module Code: |
ECON C3304 |
Module Title:
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Managerial Economics
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Title:
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Managerial Economics
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Module Level:: |
7 |
Module Coordinator: |
Myles Kelly
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Module Author:: |
Dominic Burke
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Module Description: |
This module aims to; (i) Explore key concepts in managerial economics to develop students’ knowledge and understanding of the microeconomic and macroeconomic business environment. (ii) Provide students with an appreciation of the vital importance of economic information in managerial decision-making. (iii) Enable students to analyse economic and financial information and draw conclusions from it in the context of problems facing a typical firm. (v) Develop decision-making skills in students by the application of economic and business concepts to business problems.
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Learning Outcomes |
On successful completion of this module the learner will be able to: |
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Learning Outcome Description |
LO1 |
Examine Managerial Decision making under the environments of certainty, risk and uncertainty using analytical tools; |
LO2 |
Analyse consumer demand, pricing strategies and forecasting demand and solve production and cost functions; |
LO3 |
Critique the theories of firm behaviour and analyse the market structures that firms operate; |
Dependencies |
Module Recommendations
This is prior learning (or a practical skill) that is recommended before enrolment in this module.
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No recommendations listed |
Co-requisite Modules
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No Co-requisite modules listed |
Additional Requisite Information
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No Co Requisites listed
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Indicative Content |
Managerial Decision Making under certainty, risk & uncertainty.
Concepts of risk, certainty and uncertainty in managerial decision making;
Managerial Decision criterion under certainty;
Managerial Decision criterion under risk, (Expected Values, Measuring Risk);
Managerial Decision criterion under uncertainty (Wald, Hurwicz Alpha, Savage and Laplace criterion);
Reduction of Uncertainty;
Using Decision Trees & Decision (Payoff)Matrices.
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Understanding Consumers: Analysis of Consumer Demand
Determinants of market demand;
Collecting information on consumer behaviour;
Constructing and statistical estimation of market demand functions;
Demand Analysis & Forecasting Sales of a firm;
Demand & The Competitive Environment: monopolies, perfectly competitive firms and imperfectly competitive firms;
The classification of products;
Measures of demand responsiveness: Elasticities of demand: Price Elasticity and Corporate Revenue and Income elasticity.
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Pricing Strategies
Pricing Objectives;
Generic Pricing Strategies (Marginal Cost
Pricing, Incremental Pricing, Breakeven pricing and Mark-up Pricing);
Specialist forms of Pricing (Bundling, Joint Products & Profit Centers and Transfer Pricing);
The economics of Price Discrimination.
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Understanding a Manager’s Costs of Production
The Production Function;
Estimating Production Functions;
From Production to Costs: The Law of Diminishing Returns;
Nature and Types of costs;
Cost Estimation & Cost functions;
Marginal Cost in Decision Making;
Opportunity Cost;
The Planning Horizon: The Long-run Operating Period;
Long-run cost curves & Economies and diseconomies of scale.
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Managerial Objectives and Theories of Firm Behaviour
Profit maximisation model;
Sales revenue maximisation mode;l
Growth maximization model;
Managerial Utility maximisation model;
“Wealth” or Value maximisation model. Understanding the markets that firms operate in.
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Module Content & Assessment
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Assessment Breakdown | % |
Continuous Assessment | 100.00% |
AssessmentsFull Time
No End of Module Formal Examination |
Reassessment Requirement |
Exam Board
It is at the discretion of the Examination Board as to what the qualifying criteria are.
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SETU Carlow Campus reserves the right to alter the nature and timings of assessment
Module Workload
Workload: Full Time |
Workload Type |
Workload Category |
Contact Type |
Workload Description |
Frequency |
Average Weekly Learner Workload |
Hours |
Lecture |
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Contact |
No Description |
12 Weeks per Stage |
3.00 |
36 |
Independent Learning Time |
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Non Contact |
No Description |
15 Weeks per Stage |
5.93 |
89 |
Total Weekly Contact Hours |
3.00 |
Workload: Part Time |
Workload Type |
Workload Category |
Contact Type |
Workload Description |
Frequency |
Average Weekly Learner Workload |
Hours |
Lecture |
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Contact |
No Description |
Every Week |
1.50 |
1.5 |
Independent Learning Time |
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Non Contact |
No Description |
Every Week |
7.50 |
7.5 |
Total Weekly Contact Hours |
1.50 |
Module Resources
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Recommended Book Resources |
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William F. Samuelson,Stephen G. Marks,Jay L. Zagorsky. (2021), Managerial Economics, 9th. John Wiley & Sons, p.560, [ISBN: 9781119554912].
| Supplementary Book Resources |
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Michael R. Baye,Jeff Prince. (2021), Managerial Economics and Business Strategy, 10th. McGraw-Hill, [ISBN: 1260940543].
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Jeffrey M. Perloff, James A. Brander. (2020), Managerial Economics & Strategy, 3rd. Pearson.
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Christopher R. Thomas & S. Charles Maurice. (2020), Managerial Economics: Foundations of Business Analysis and Strategy, 13th. McGraw-Hill, [ISBN: 1260004759].
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Boyes, W.. (2010), New Managerial Economics, Houghton Mifflin.
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Brickley, J., Smth, C. and Zimmerman, J.. (2007), Managerial Economics and Organisational Architecture., 4th. McGraw Hill.
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Adams, J. & Juleff, L.. (2003), Managerial Economics for Decision Making., Palgrave.
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Boyes, W.. (2003), Managerial Economics., Houghton Mifflin Company.
| This module does not have any article/paper resources |
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Other Resources |
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