Managerial EconomicsModule Details

Module Description

In this module students will be introduced to economic analysis that enables them to systematically and strategically determine how best to position the firm and effectively manage its resources. The module covers how markets work, consumer demand, productivity and costs, pricing and market competition and associated decision making and investment planning. It addresses profitability under different market structures and also reviews the impact of government policies and international trade on markets, taking note of the particular economic challenges facing businesses in developing countries. The quantitative data analysis involved in this module does not require the use of calculus.

Module Aim

The aim of the module is to enhance a student's ability to understand market forces and to apply economic analysis to support critical decision making on pricing, costs, productivity and investment that will impact the firm’s short term and long term profitability and inform its marketing strategy from both a global and developing country perspective.

Module Learning Outcomes

After completion of the module students should be able to:

1. Explain how markets work.
2. Justify resource allocation in a firm
3. Apply the tools of economic analysis and interpreted their results to inform business decisions on:
   • Pricing
   • Costs and Production
   • Investment
   • Strategic positioning of the firm
   • Marketing strategy
4. Assess supply and demand factors operating in a market
5. Prioritize expenditures according to their impact on a business
6. Evaluate the impact of pricing decisions on the market and on the profitability of the firm.
7. Create relevant pricing strategies for products
8. Explain the concept of product life cycle
9. Analyse real GDP trends to explain a business cycle
10. Perform risk analysis on a firm
11. Asses the causes of market failure and how they may be addressed
12. Analyse the links between trade, international finance, economic growth, and globalization, with a particular emphasis on business experiences in developing countries.