BX2021 - Managerial Economics

Credit points:	03
Year:	2013
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.

This subject focuses on economic ideas that are of direct relevance to managers and business owners. It assumes that in most (but not all) cases, the primary aim of the manager/business is to maximise profits, and looks at topics that are crucially important to that goal, such as: how to estimate costs and demand; what capital/labour ratios are likely to be most cost effective in which countries; what types of pricing strategies work best in which types of competitive environments; and how to make investment and other decisions under conditions of risk and uncertainty.

Learning Outcomes

• apply the techniques and tools learnt in this subject to broad real world situations;
• explain important concepts of demand, production and cost theory and their relevance to decision making;
• appraise what 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;
• discuss what market structure is and how the conduct of a firm is dependent upon that structure;
• apply techniques to evaluate investment decisions in both private and public sectors.

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.

Prerequisites:	BU1003 OR EC1005 OR EC1001
Inadmissible Subject Combinations:	EC2002 AND EC5204

Availabilities
Townsville, Internal, Study Period 1
Census Date 28-Mar-2013
Coord/Lect:	Mr Sizhong Sun.
Contact hours:	26 hours lectures 12 hours tutorials
Assessment:	end of semester exam (40%); quizzes or tests (20%); assignments (10%); essay (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.