James Cook University Subject Handbook - 2023

EC5204 - Managerial Economics

Subject Description

A business cannot survive without a solid understanding of cost and revenue estimation, cost effective capital/labour ratios, pricing strategies tailored to market environment, and decision making under uncertainty. This subject therefore focuses on these and more economic concepts that help managers, business owners and those considering starting a business to manage their business successfully. Beyond economics students, the subject provides valuable skills to students who consider exercising their discipline-specific skill in their own business or manage such a business (for example an educational consultant, a pharmacist or an engineering consultant).

Learning Outcomes

• critically analyse the relevance of the economic concepts of supply and demand, and production cost and revenue estimation to business decision making
• discuss (demonstrating advanced and integrated knowledge) the importance of market structure to a business price strategy and its market conduct and identify the constraints imposed by risk and uncertainty on decision making within a firm
• design (demonstrating advanced and integrated knowledge) an optimal pricing and production strategy for a chosen business

Subject Assessment

• Written > Examination (centrally administered) - (50%) - Individual
• Written > Test/Quiz 1 - (20%) - Individual
• Oral > Presentation 1 - (10%) - Group
• Written > Project report - (20%) - Group

Note that 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.

Assumed Knowledge:  Introductory subjects in Economics and Statistics

Inadmissible Subject Combinations:  EC2002 BX2021

Availabilities