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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.