ECO515 Managerial Economics (8)

Abstract

The subject develops students' understanding of managerial decision-making. It is concerned with the application of economic principles and methodologies to the decision making process of the business firm operating under conditions of risk and uncertainty. The subject covers: analytical techniques, demand analysis, production and cost analysis, market structure and pricing practices. Assumed knowledge for this subject is equivalent to that covered in ECO501.

+ Subject Availability Modes and Location

Session 1
Distance	Wagga Wagga Campus

Continuing students should consult the SAL for current offering details: ECO515
Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject information

Duration	Grading System	School:
One session	HD/FL	School of Accounting and Finance

Learning Outcomes

Upon successful completion of this subject, students should:
- be able to identify managerial problem situations whose solutions necessitate the use of economic and quantitative tools;
- be able to explain the economic theoretical underpinnings needed to analyse managerial decision problems;
- be able to combine economic principles and associated quantitative tools to solve managerial decision making problems.

Syllabus

The subject will cover the following topics:
Techniques of analysis: optimisation techniques, risk analysis and estimation techniques, linear programming Demand theory: consumer theory, market demand and elasticity concepts Demand estimation: marketing research and regression approaches Demand forecasting: qualitative, time-series and smoothing techniques Production theory and estimation Cost theory and estimation Market structure: perfect competition, monopoly, monopolistic competition and oligopoly Pricing practices: including price discrimination and transfer pricing.

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