EC2002 - Managerial Economics

Credit points:	03
Year:	2007
Student Contribution Band:	Band 2
Administered by:	Discipline of Economics

This subject focuses on microeconomic issues pertinent to the profit maximisting firm. (Microeconomics is the branch of economics that focuses on issues pertinent to individual economic units, e.g., consumers and firms.) It extends and develops materials used in the first year, introduces new material, and explores new applications of microeconomic theory. Topics include: various pricing strategies available to firms; methods of estimating (and forecasting) demand; optimal input strategies, and decision making under conditions of risk and uncertainty.

Learning Outcomes

• Students completing this subject will have an increased understanding of microeconomic concepts, models and analysis and how these are used in government policy. More specifically, they will be able to: Use a range of different models to explain and/or describe the behaviour of firms;
• Understand some of the key assumptions, problems, strengths and limitations of the relevant models;
• Construct, manipulate and explain a range of simple diagrams associated with the relevant models;
• Use the models to analyse changes, making predictions about the possible impact of the changes;
• Apply the knowledge gained from this subject tro real world situations.

Graduate Qualities

• The ability to think critically, to analyse and evaluate claims, evidence and arguments;
• The ability to adapt knowledge to new situations;
• The ability to define and to solve problems in at least one discipline area;
• The ability to communicate effectively with a range of audiences;
• The ability to lead, manage and contribute effectively to teams;
• The ability to speak and write logically, clearly and creatively;
• The ability to calculate, produce, interpret and communicate numerical information;
• The ability to select and use appropriate IT tools;
• The ability to access and employ online technologies effectively;
• The ability to use and interpret different media;
• A coherent and disciplined body of skills, knowledge, values and professional ethics in at least one discipline area;
• The ability to use a variety of media and methods to retrieve, analyse, evaluate, organise and present information;
• The ability to reflect on and evaluate learning processes and products;
• The ability to learn independently and in a self-directed manner;
• A commitment to lifelong learning and intellectual development.

Prerequisites:

EC1005

Availabilities
Townsville, Internal, Study Period 1
Census Date 30-Mar-2007
Coord/Lect:	jc150750.
Contact hours:	26 hours lectures 12 hours tutorials 12 hours workshops/Seminars
Assessment:	end of semester exam.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.