BX2021 - Managerial Economics

Credit points:	03
Year:	2011
Student Contribution Band:	Band 3
Administered by:	School of Business

Available to all JCU students. Those who choose to enrol should have gained a sound understanding of introductory economics.

Managerial economics helps decision-makers use fundamental microeconomics concepts to improve their decision-making process. It focuses on those aspects of theory which are immediately applicable to the practical problems faced by decision-makers, both in the private and government sectors of an economy. Topics of greatest interest and importance to decision-makers are addressed, such as demand, production, cost, market structure, investment analysis, and decision making under conditions of risk and uncertainty.

Learning Outcomes

• Discuss important concepts of demand, production and cost theory and their relevance to decision making;
• Describe what market structure is and how the conduct of a firm is dependent upon the structure of the market;
• Understand what the constraints are imposed on decision making within a firm and make use of methods with which decisions can be made under conditions of risk or uncertainty;
• Describe the techniques which can be applied to the evaluation of investment in both private and public sectors and how such techniques can be used;
• Apply the techniques and tools learnt in this subject to broad real world situations.

Graduate Qualities

• 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 think critically, to analyse and evaluate claims, evidence and arguments, and to reason and deploy evidence clearly and logically;
• The ability to deploy critically evaluated information to practical ends;
• The ability to find and access information using appropriate media and technologies;
• The ability to evaluate that information;
• An understanding of the economic, legal, ethical, social and cultural issues involved in the use of information;
• The ability to select and organise information and to communicate it accurately, cogently, coherently, creatively and ethically;
• The acquisition of coherent and disciplined sets of skills, knowledge, values and professional ethics from at least one discipline area;
• The ability to reflect on and evaluate learning, and to learn independently in a self directed manner;
• The ability to manage future career and personal development;
• The ability to read complex and demanding texts accurately, critically and insightfully;
• The ability to speak and write clearly, coherently and creatively;
• The ability to generate, calculate, interpret and communicate numerical information in ways appropriate to a given discipline or discourse;
• The ability to communicate effectively with a range of audiences;
• The ability to work individually and independently.

Inadmissible Subject Combinations:

EC2002 AND EC5204

Availabilities
Townsville, Internal, Study Period 1
Census Date 24-Mar-2011
Coord/Lect:	Mr Sizhong Sun.
Contact hours:	26 hours lectures 12 hours tutorials
Assessment:	end of semester exam (% - 40%); other exams (% - 20%); presentations (% - 10%); assignments (% - 30%).

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.