| Trimester 2, 2023 Toowoomba On-campus | |
| Units : | 1 |
| School or Department : | School of Business |
| Grading basis : | Graded |
| Course fee schedule : | /current-students/administration/fees/fee-schedules |
Staffing
Course Coordinator:
Overview
Managerial economics applies economic theories, methods and ideas to the managerial decision-making process. The aim of managers is assumed to maximise business profits and a framework for decision making incorporating economic concepts is a powerful tool to achieve that objective. Efficiency of operations can be achieved by utilising all business resources to increase output, reduce inputs and associated costs and therefore maximise profits.
In this course we introduce you to a problem solving and business decision making approach to become informed regarding practical managerial pricing and firm investment decisions. The course emphasises the relevance of economic thinking to formulate sound business decisions on pricing and investment when an understanding of consumer and rival firms' behaviour is necessary. A comprehensive explanation of firm profit maximising pricing behaviour in various market structures and under different market conditions is presented and critiqued. Concepts for investment decision making with uncertainty are outlined and developed. Strategic decision making, particularly when faced with uncertainty is discussed and assessed in several business contexts. Upon completing this course, you should be able to illustrate the influence of economic thinking on decision making, particularly pricing and investment decisions in contexts characterised by uncertainty.
Course learning outcomes
On successful completion of this course, students will:
- analyse how the market system works and how social, political, and legal factors impact the decision-making environment faced by organisations;
- apply economic concepts and theories to analyse market conditions and support business decision-making;
- identify and communicate the market impacts of business and government decisions on key stakeholders , society and to non-specialist audiences;
- communicate society wide effects of private business decisions and potential government facilitative activities to support decision making.
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Problem solving and decision making | 20.00 |
| 2. | Pricing, costs and profits | 30.00 |
| 3. | Pricing for greater profit | 20.00 |
| 4. | Strategic decision making | 10.00 |
| 5. | Uncertainty | 20.00 |
Text and materials required to be purchased or accessed
Froeb, L, McCann, B, Shor, M & Ward M, 2023 'Managerial economics: a problem solving approach', 6th edition, Cengage Learning, Australia.
Student workload expectations
To do well in this subject, students are expected to commit approximately 10 hours per week including class contact hours, independent study, and all assessment tasks. If you are undertaking additional activities, which may include placements and residential schools, the weekly workload hours may vary.
Assessment details
| Description | Group Assessment |
Weighting (%) | Course learning outcomes |
|---|---|---|---|
| Problem Solving 1 | No | 30 | 1,2 |
| Problem Solving 2 | No | 30 | 2,4 |
| Case 精东传媒app | No | 40 | 2,3,4 |