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BUS 211

BUS 211. MANAGERIAL ECONOMICS By Alex Barkers-Okwan. Course Detail. This module will present a framework for business decision making analysis through the use of micro-economics concepts and theories.

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BUS 211

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  1. BUS 211 MANAGERIAL ECONOMICS By Alex Barkers-Okwan

  2. Course Detail • This module will present a framework for business decision making analysis through the use of micro-economics concepts and theories. • It applies economic principles to decision making and considers how these change in a variety of competitive environments and business types. • In addition, the student should gain an understanding of analytical aspects of general economic environment and how these can be used to optimize business profit.

  3. Structure of Module • Module will consist of • Presentations • Tutorials • Assignments • and Examination • Official Textbook Christopher R Thomas 9th Edition

  4. Module Activity Detail • Lecture 1-Managers, Profits & Markets • Learning Outcomes: • What is managerial economics? • How does it affect the decision made by firms e.g in increasing price, increasing output, reducing labor or increasing capital • Understand the application of microeconomic theory to solve business problems

  5. Lecture 2- Demand, Supply & Market Equilibrium • Learning Outcomes • The way market for consumer goods and services function • Basic functions that apply to markets for resources such as land,labor,capital • Supply and Demand analysis in competitive markets

  6. Lecture 3-Elasticity and Demand • Learning Outcomes; • Importance of Elasticity • Analysis of Price Elasticity and its effects on consumers • Depict the relationship between price elasticity and TR of firms • Look at other concepts such as income elasticity and cross price elasticity

  7. Lecture 4- Production and Cost in the Short Run • Learning Outcomes; • Looking at concerns in production cost e.g how new technology or new supplies can help reduce cost • Learning about the essence of theory of production e.g how the structure of a firms cos is determined by the nature of production process

  8. Lecture 5- Production and Cost in the Long Run • Learning Outcomes; • Long run analysis of cost • Characteristics of isoquants • Understanding Marginal Rate of Technical Substitution • Characteristics of isocosts

  9. Lecture 6- Profit Maximization in various market structures • Learning Outcomes; • Discuss how much firms must produce and what price to charge • Discuss how price taking firms or perfectly competitive firms make production decisions to maximize profit. • Look at characteristics of both competitive and price taking firms

  10. Lecture 7-Managerial Decisions for firms with Market Power • Learning Outcomes; • Focus on firms that are price markers • Looks at downward sloping curves and its market power to set prices, choose output and input to maximise firm prices • Looks at firms with market power and competitors reactions when price of a good is increased how will affect profits • Look into Oligopolies

  11. Lecture 8- Strategic Decisions in Oligopoly Markets • Learning Outcomes; • How does reduction in price of an oligopoly affect profits and what will be the reactions from competitors e.g a price war • Investigate the strategic behavior by firms • Using different game theories to make profits e.g prisoners dilemma

  12. Final • Preparations for exams • How to answer examination question • Different strategies to do well on the course

  13. Topic 1-Managers, Profits & Markets • What is managerial economics?? • What is microeconomics??? • What is opportunity costs??? • What is economic profit??? • What is the principal agent problem???

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