EC5204 - Managerial Economics

Credit points:	03
Year:	2013
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. The subject is tailored to students who (envision to) work at a position that requires advanced economics skills.

Learning Outcomes

• Demonstrate extensive familiarity with important concepts of demand, production and cost theory and their relevance to decision making;
• Develop advanced understanding of what constraints are imposed on decision making within a firm and develop advanced skills to make use of methods with which decisions can be made under conditions of risk or uncertainty;
• Develop a comprehensive toolkit to apply the techniques and tools learnt in this subject to broad real world situations;
• Develop advanced understanding of what market structure is and how the conduct of a firm is dependent upon that structure;
• Develop critical awareness of techniques that can be applied to evaluate investment decisions in both private and public sectors.

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 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;
• The ability to communicate the methodology, results and implications of their research in a manner appropriate to different purposes and audiences.

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

Availabilities
Townsville, Internal, Study Period 1
Census Date 28-Mar-2013
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.