1. MANAGERIAL ECONOMICS By Alex Barkers-Okwan
BUS 211
MANAGERIAL ECONOMICS
By Alex Barkers-Okwan

2. Course Detail
This module will present a framework for business decision making analysis through the use of micro-economics concepts and theories.
It applies economic principles to decision making and considers how these change in a variety of competitive environments and business types.
In addition, the student should gain an understanding of analytical aspects of general economic environment and how these can be used to optimize business profit.

3. Structure of Module Module will consist of Presentations Tutorials
Assignments
and Examination
Official Textbook Christopher R Thomas 9th Edition

4. Module Activity Detail
Lecture 1-Managers, Profits & Markets
Learning Outcomes:
What is managerial economics?
How does it affect the decision made by firms e.g in increasing price, increasing output, reducing labor or increasing capital
Understand the application of microeconomic theory to solve business problems

5. Lecture 2- Demand, Supply & Market Equilibrium
Learning Outcomes
The way market for consumer goods and services function
Basic functions that apply to markets for resources such as land,labor,capital
Supply and Demand analysis in competitive markets

6. Lecture 3-Elasticity and Demand
Learning Outcomes;
Importance of Elasticity
Analysis of Price Elasticity and its effects on consumers
Depict the relationship between price elasticity and TR of firms
Look at other concepts such as income elasticity and cross price elasticity

7. Lecture 4- Production and Cost in the Short Run
Learning Outcomes;
Looking at concerns in production cost e.g how new technology or new supplies can help reduce cost
Learning about the essence of theory of production e.g how the structure of a firms cos is determined by the nature of production process

8. Lecture 5- Production and Cost in the Long Run
Learning Outcomes;
Long run analysis of cost
Characteristics of isoquants
Understanding Marginal Rate of Technical Substitution
Characteristics of isocosts

9. Lecture 6- Profit Maximization in various market structures
Learning Outcomes;
Discuss how much firms must produce and what price to charge
Discuss how price taking firms or perfectly competitive firms make production decisions to maximize profit.
Look at characteristics of both competitive and price taking firms

10. Lecture 7-Managerial Decisions for firms with Market Power
Learning Outcomes;
Focus on firms that are price markers
Looks at downward sloping curves and its market power to set prices, choose output and input to maximise firm prices
Looks at firms with market power and competitors reactions when price of a good is increased how will affect profits
Look into Oligopolies

11. Lecture 8- Strategic Decisions in Oligopoly Markets
Learning Outcomes;
How does reduction in price of an oligopoly affect profits and what will be the reactions from competitors e.g a price war
Investigate the strategic behavior by firms
Using different game theories to make profits e.g prisoners dilemma

12. Final Preparations for exams How to answer examination question
Different strategies to do well on the course

13. Topic 1-Managers, Profits & Markets
What is managerial economics??
What is microeconomics???
What is opportunity costs???
What is economic profit???
What is the principal agent problem???