Module Details

Module Code: ECON C3317
Module Title: Managerial Economics
Title: Managerial Economics
Module Level:: 7
Credits:: 5
Module Coordinator: Myles Kelly
Module Author:: Dominic Burke
Domains: Business
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.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# 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.
No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Additional Requisite Information
No Co Requisites listed
 
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.
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.
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.
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.
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.
Module Content & Assessment
Assessment Breakdown%
Continuous Assessment100.00%

Assessments

Full Time

Continuous Assessment
Assessment Type Other % of Total Mark 50
Timing Week 6 Learning Outcomes 1,2
Non-marked No
Assessment Description
In class assessment/MCQs
Assessment Type Project % of Total Mark 50
Timing Week 11 Learning Outcomes 2,3
Non-marked No
Assessment Description
Consumer Demand Project
No Project
No Practical
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.

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 Contact No Description 12 Weeks per Stage 3.00 36
Independent Learning Time 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 Contact No Description Every Week 1.50 1.5
Independent Learning Time Non Contact No Description Every Week 7.50 7.5
Total Weekly Contact Hours 1.50
 
Module Resources
Recommended Book Resources
  • William F. Samuelson,Stephen G. Marks,Jay L. Zagorsky. (2021), Managerial Economics, 9th. John Wiley & Sons, p.560, [ISBN: 9781119554912].
Supplementary Book Resources
  • Michael R. Baye,Jeff Prince. (2021), Managerial Economics and Business Strategy, 10th. McGraw-Hill, [ISBN: 1260940543].
  • Jeffrey M. Perloff, James A. Brander. (2020), Managerial Economics & Strategy, 3rd. Pearson.
  • Christopher R. Thomas & S. Charles Maurice. (2020), Managerial Economics: Foundations of Business Analysis and Strategy, 13th. McGraw-Hill, [ISBN: 1260004759].
  • Boyes, W.. (2010), New Managerial Economics, Houghton Mifflin.
  • Brickley, J., Smth, C. and Zimmerman, J.. (2007), Managerial Economics and Organisational Architecture., 4th. McGraw Hill.
  • Adams, J. & Juleff, L.. (2003), Managerial Economics for Decision Making., Palgrave.
  • Boyes, W.. (2003), Managerial Economics., Houghton Mifflin Company.
This module does not have any article/paper resources
Other Resources
Discussion Note: