Managerial Economics

Curriculum guideline

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Course
ECON 2350
Discontinued
No
Course code
ECON 2350
Descriptive
Managerial Economics
Department
Economics
Faculty
Commerce & Business Administration
Credits
3.00
Start date
End term
202030
PLAR
No
Semester length
15 Weeks X 4 Hours per Week = 60 Hours
Max class size
35
Contact hours
Lecture: 3 Hours Seminar: 1 Hour Total: 4 Hours
Method(s) of instruction
Lecture
Seminar
Learning activities

Lectures and seminars which will be devoted to discussions of the major issues in monetary economics and the recent developments in the financial markets.

Course description
This course develops and applies economic theory and methods to business and administrative decision-making. Prospective managers will learn a set of operating rules that aid in the efficient utilization of scarce human and capital resources. To that end, optimization techniques are employed to determine appropriate courses of action for decision-makers and case studies are examined to apply economic analyses to practical situations.
Course content
  1. Introduction to managerial economics
  2. Review of economic optimization using marginal analysis
  3. Demand analysis and estimation
  4. Production theory
  5. Technological change and industrial innovation
  6. Cost analysis and estimation
  7. Competitive markets
  8. Monopoly
  9. Imperfect competition and game theory
  10. Government and business
  11. Managerial economics:  Taking a global view
Learning outcomes

At the end of the course, the student will be able to:

  1. utilize optimization techniques to determine appropriate courses of action for decision-makers in a managerial setting;
  2. apply demand theory to pricing problems and develop methods of analysis to estimate demand empirically;
  3. examine, within a theoretical and applied context, the process by which the costs of production are determined;
  4. develop a method of analysis which will enable the student to analyze the impact of market structure on the behaviour of firms;
Means of assessment
Final Examination 30% - 40%
Term Tests 40% - 70%
Assignments  0% - 20%
Participation  0% - 10%
Total         100%

THERE WILL BE A MINIMUM OF THREE (3) EVALUATIONS.

Textbook materials

Textbooks and Materials to be Purchased by Students

 

Will be chosen by the instructor from one of the following:

 

Hirschey, M. and J.L. Pappas.  Managerial Economics, Latest Ed.  The Dryden Press.

Mansfield, E.  Managerial Economics, Theory, Applications, and Cases, Latest Ed.  W.W. Norton & Company.

Nicholson, W.  Intermediate Microeconomics and its Application, Latest Ed.  The Dryden Press.

Samuelson, W.F. and S.G. Marks.  Managerial Economics, Latest Ed.  The Dryden Press.

Truett, L.J. and D.B. Truett.  Managerial Economics, Latest Ed.  South-Western Publishing Co.

Prerequisites

ECON 1150 and ECON 1250 and MATH 1125