ECON 2514 - Managerial Economics II

North Terrace Campus - Semester 1 - 2021

This course builds on the microeconomic principles studied in the Level I Economics courses and provides an analysis of the way decisions are made by individual economic agents. It develops a basis for evaluating the efficiency and equity implications of various market structures, and a perspective on the appropriate role of government. Included are the study of consumer choice, production and cost, market structure, and market failure. Managerial Economics II will continue on the emphasis on applications as in Principles of Economics I.

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Course Details

Course Code	ECON 2514
Course	Managerial Economics II
Coordinating Unit	Economics
Term	Semester 1
Level	Undergraduate
Location/s	North Terrace Campus
Units	3
Contact	Up to 3 hours per week
Available for Study Abroad and Exchange	Y
Prerequisites	ECON 1005 or ECON 1010 or equivalent
Incompatible	ECON 2506; ECON 2512; ECON 2516
Assumed Knowledge	ECON 1004 or ECON 1012
Assessment	Typically assignments, mid-term test and final exam

Course Staff

Course Coordinator: Associate Professor Paul Pezanis-Christou

Course Coordinator: Dr Raul Barreto

Location: Room 4.26, Level 4 Nexus 10 (10 Pulteney St)
Telephone: 8313 3240
Office hours: see MyUni

Email: raul.barreto@adelaide.edu.au

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Course Learning Outcomes

On successful completion of this course, students will be able to:

1	Apply an economic decision-making framework to a range of managerial problems.
2	Interpret and use the concepts of elasticity, marginal revenue and costs in managerial decision-making.
3	Evaluate how market structure affects firms' pricing behavior and economic efficiency.
4	Apply strategic thinking to economic decision-making in interactive settings.
5	Evaluate the role of externalities in economic decision-making.

University Graduate Attributes

This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

University Graduate Attribute	Course Learning Outcome(s)
Deep discipline knowledge informed and infused by cutting edge research, scaffolded throughout their program of studies acquired from personal interaction with research active educators, from year 1 accredited or validated against national or international standards (for relevant programs)	1,2,3,4,5
Critical thinking and problem solving steeped in research methods and rigor based on empirical evidence and the scientific approach to knowledge development demonstrated through appropriate and relevant assessment	2,3,4,5
Teamwork and communication skills developed from, with, and via the SGDE honed through assessment and practice throughout the program of studies encouraged and valued in all aspects of learning	3,4,5
Career and leadership readiness technology savvy professional and, where relevant, fully accredited forward thinking and well informed tested and validated by work based experiences	3,4,5
Intercultural and ethical competency adept at operating in other cultures comfortable with different nationalities and social contexts able to determine and contribute to desirable social outcomes demonstrated by study abroad or with an understanding of indigenous knowledges	3,4
Self-awareness and emotional intelligence a capacity for self-reflection and a willingness to engage in self-appraisal open to objective and constructive feedback from supervisors and peers able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate	4

Learning Resources

Required Resources

Textbook: Ivan Png, Managerial Economics (5th Edition), Routledge

Online Learning

The course makes extensive use of MyUni for purposes including the posting of lecture notes, lecture recordings, tutorial exercises, assignments, and important announcements. The discussion board there is considered an important method of communication.

Lecture recordings will be made available online. Students should be aware that there may be occasional instances where lecture recording fails due to technical issues.

Students who are studying offshore are able to participate in all learning activities through online learning.

Lectures will be conducted face to face on Thursday and Friday from 1-2pm in Engineering Nth Chapman Lecture Theatre. They are NOT cumpolsory to attend, although certainly recomended, will be recorded and subsequently posted on MyUni.

Learning & Teaching Modes

This course is divided into a lecture component and a tutorial component. The lecture covers the key concepts of a particular topic to complement the text. Tutorials will consolidate your understanding of course material by working through problems similar to those presented in the lecture.

Lectures will be recorded and copies of the lecture recordings will be placed on MyUni, within 24 hours of completion of the lecture, when possible. Please note, sometimes, through technical difficulties, the lecture may not be recorded. This is beyond the control of the lecturer. Should this occur, an announcement will be placed on MyUni.

Students in this course are expected to attend all lectures throughout the semester plus one tutorial class each week.

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

On average beyond attending the lectures and tutorials, students are expected to spend about 9 hours per week studying this subject.

The time required may however vary across students and topics.

Learning Activities Summary

Schedule
Week 1	Introduction to Managerial Economics	Chapter 1
Week 2	Demand & Elasticity	Chapters 2 & 3
Week 3	Supply	Chapter 4
Week 4	Market Equilibrium & Economic Efficiency	Chapters 5 & 6
Week 5	Costs	Chapter 7
Week 6	Midterm Exam
Week 7	Monopoly	Chapter 8
Week 8	Pricing	Chapter 9
Week 9	Strategic Thinking	Chapter 10
Week 10	Oligopoly	Chapter 11
Week 11	Externalities	Chapter 12
Week 12	Asymmetric Information	Chapter 13

Note: Every effort shall be made by the lecturer to adhere to this timetable. However, in the event that students require
different times on topics, the lecturer will amend this timetable at his discretion.

The University's policy on Assessment for Coursework Programs is based on the following four principles:

Assessment must encourage and reinforce learning.
Assessment must enable robust and fair judgements about student performance.
Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
Assessment must maintain academic standards.

Assessment Summary

Assessment Task	Due	Weighting	Learning Outcome
Tutorial Assignments	Weekly	20%	1,2,3,4,5
Midterm	Week 6	30%	1,2
Final Exam	TBA	50%	1,2,3,4,5

Assessment Detail

Mid-Semester Test (Week 6): This will be of 50 minutes duration taken under exam conditions. The Mid-semester Test covers topics from Week 1 to Week 5 (inclusive). The midterm test is NOT redeemable. Failure to sit the midterm examination will result in receiving zero points, whether a medical certificate is provided or not. The grade of the final examination will then account for 80% of the overall grade.

Tutorial Assignment: Weekly tutorial assignments will be posted on MyUni. Every week, the tutor will randomly select one of the assigned questions/problems to be grade. The grade for the selected question/problem will be 0, 1, 3 or 5, depending on the quality of the answer provided. Particular attention will be given to the work out of the exercise’s solutions. The solutions’ work out will be ‘documented’ if it shows the details of the calculations performed and the reasoning used to reach the reported answers or solutions. The grading rule to be used is: 0: no attempt to do the selected exercise, 1: a majority of incorrect or undocumented answers, 3: a majority of correct and documented answers, 5: all answers are documented and correct.
Solutions to each assignment will be discussed during the tutorial session and will not be posted on MyUni. The final grade for tutorial will be based on the 8 best grades of 10 assignments (and will be normalized to fit in [0,20] interval).

Final exam: It will be a two or three hour exam that covers the material taught from Week 1 to Week 11.

IMPORTANT: Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process, and may affect marks. Marks cannot be awarded for answers that cannot be read or understood.

Submission

The Tutorial assignments have to be submitted online. Late submission will not be accepted, as it is unfair to students
who submit their work on time. Failure to hand in an assignment on time will lead to a zero mark.

Course Grading

Grades for your performance in this course will be awarded in accordance with the following scheme:

M10 (Coursework Mark Scheme)
Grade	Mark	Description
FNS		Fail No Submission
F	1-49	Fail
P	50-64	Pass
C	65-74	Credit
D	75-84	Distinction
HD	85-100	High Distinction
CN		Continuing
NFE		No Formal Examination
RP		Result Pending

Further details of the grades/results can be obtained from Examinations.

Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

Final results for this course will be made available through Access Adelaide.

Student Feedback

The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
Student Support
Policies & Guidelines
This section contains links to relevant assessment-related policies and guidelines - all university policies.
Fraud Awareness

Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator