EC5204 - Managerial Economics

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

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

• increased understanding of microeconomic concepts, models and analysis and how these are used in government policy, More specifically, 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 appraise information critically;
• The ability to use independent judgment to synthesise information to make intellectual and/or creative advances;
• The ability to think laterally and be original;
• The ability to conceptualise problems;
• The ability to conceptualise and evaluate a range of potential solutions to relevant problems;
• The ability to encompass and use methods and conceptual advances in areas of knowledge cognate to their central area(s) of expertise;
• The ability to plan, conduct and manage research in their discipline;
• The potential to lead and contribute to projects effectively and efficiently.

Assumed Knowledge:	Introductory subjects in Economics and Statistics
Inadmissible Subject Combinations:	EC2002 BX2021

Availabilities
Townsville, Internal, Study Period 1
Census Date 24-Mar-2011
Coord/Lect:	Mr Sizhong Sun.
Contact hours:	26 hours lectures 12 hours tutorials 3 hours workshops/Seminars
Assessment:	end of semester exam (40%); quizzes or tests (30%); 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.