ECON 2514 - Managerial Economics II

North Terrace Campus - Semester 1 - 2022

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.

  • General Course Information
    Course Details
    Course Code ECON 2514
    Course Managerial Economics II
    Coordinating Unit School of 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
    Course Description 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.
    Course Staff

    Course Coordinator: Dr Mark Dodd

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes

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

    1 Frame managerial and other economic problems in terms of core microeconomic concepts and principles.
    2 Apply analytical techniques, including solving mathematical and diagrammatic problems, to analyse managerial and microeconomic scenarios.
    3 Present a clear and coherent exposition of microeconomic knowledge, ideas and empirical evidence both orally and in writing. 
    4 Engage professionally in group discussions to work towards a collaborative position on managerial and economic issues.
    5 Reflect on the nature and implications of assumptions and value judgments in microeconomic analysis, managerial decisions, and policy.
    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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.

    1,2,3,4,5

    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.

    1,2,4,5

    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.

    3,4

    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.

    4

    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.

    4

    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

    4,5
  • Learning Resources
    Required Resources

    Textbook: Perloff & Brander, Managerial Economics and Strategy (Global Edition, 2nd Edition), Pearson
    ISBN-13: 9781292159140
    https://www.pearson.com/store/p/managerial-economics-and-strategy-global-edition/P100000113985/9781292159140
    A cheaper eText is also available from the publisher.

    Free digital access is available through the University of Adelaide library, although it should be noted that the licences allow for a limited number of students to access the text simultaneously.

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

    Students who are studying offshore are able to participate in all learning activities through online learning. Students enrolled in the online version should note that class attendance at both lectures and tutorials at scheduled times is still an expectation, and may be required for aspects of assessment as detailed further below. Full details about online access of classes will be available on MyUni. Online tutorial enrolment is intended for offshore/interstate students only, and students incorrectly enrolled may be removed from that class.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This course timetable is divided into a lecture component and a tutorial component. The lecture covers the key concepts of a particular topic to complement the textbook. Tutorials will consolidate your understanding of course material by working through problems similar to those presented in the lecture. Students in this course are expected to attend all lectures throughout the semester plus their one enrolled tutorial class each week.

    In addition to the structured learning activties timetabled, significant individual study is expected per week, as detailed in the weekly modules on MyUni. This will include, but is not limited to, reading the assigned textbook chapters or other assigned readings, preparing exercises in advance of tutorial classes, and undertaking both formative and summative assessment tasks, such as quizzes.

    Students who are studying offshore are able to participate in all learning activities through online learning. Students enrolled in the online version should note that class attendance at both lectures and tutorials at scheduled times is still an expectation, and may be required for aspects of assessment as detailed further below. Full details about online access of classes will be available on MyUni. Online tutorial enrolment is intended for offshore/interstate students only, and students incorrectly enrolled may be removed from that class.
    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 approximately 9 hours per week studying this course.

    The time required may however vary across students and topics.
    Learning Activities Summary

    Topic Schedule

    Week 1 Introduction; Supply & Demand Chapters 1&2&3
    Week 2 Consumer Choice Chapter 4
    Week 3 Production Chapter 5
    Week 4 Costs Chapter 6
    Week 5 Firm Organization; Competitive Firms and Markets Chapters 7&8
    Week 6 Monopoly; Pricing with Market Power Chapters 9&10
    Week 7 Oligopoly and Monopolistic Competition Chapter 11
    Week 8 Game Theory and Business Strategy Chapter 12
    Week 9 Strategies over Time Chapter 13
    Week 10 Managerial Decision Making Under Uncertainty Chapter 14
    Week 11 Asymmetric Information Chapter 15
    Week 12 Government and Business Chapter 16

    Note: Every effort shall be made by the lecturer to adhere to this timetable. However, the lecturer may amend this timetable at their discretion with clear announcement on MyUni.
  • Assessment

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

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

    Assessment Summary
    Assessment Task Due Weighting Learning Outcome
    Active Tutorial Participation Weekly 10% 1,2,3,4,5
    Weekly Summative Quizzes Weekly 10% 1,2,5
    Midterm Test Week 7 20% 1,2,3,5
    Final Exam Exam Period 60% 1,2,3,5
    Assessment Related Requirements
    Students must attend their enrolled tutorial session (face-to-face, or online, as appropriate) to be eligible to earn Active Tutorial Participation grades.
    Assessment Detail
    Active Tutorial Participation (10% - Redeemable)

    Active Tutorial Participation grades can be earned through attending, preparing for and participating in tutorial class sessions. Students must attend their enrolled tutorial classes to be eligible for these grades. Further details will be made available on MyUni.

    This component of assessment is redeemable by the Final Exam, meaning that if you score higher on the Final Exam as a percentage score than you do on 'Active Tutorial Participation', then your Active Tutorial Participation score will not be counted, and the Final Exam will count for an additional 10% of the course grade instead. As such, this is not a mandatory part of assessment. If a student does not attempt this component of assessment, they will simply have a higher weighting on the Final Exam.

    Weekly Summative Quizzes (10%)

    Multiple choice quizzes will be made available weekly via MyUni.
    Practice quizzes will also be available, and students are encouraged to attempt these and learn from them prior to completing the Summative Quizzes. Please do not confuse the two types of quizzes.
    The final grade on this component of assessment will be based only on the best 9 weekly results.
    This component of assessment is not redeemable by the Final exam.

    Midterm Test - Week 7 (20%)

    This test is intended to take place during the Week 7 lecture timeslot. The exact conduct of the test will be detailed clearly on MyUni well before the test. Details may be adjusted as necessary due to potential impacts on attendance guidelines, social distancing and other COVID-19 related issues, as required at the time. This component of assessment is not redeemable by the Final Exam.

    Final Exam (60%)

    The final exam will cover all topics from the course, and will be held during the Final Examination period.

    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
    Weekly Summative Quizzes will be conducted through MyUni and related tools. Active Tutorial Participation will be based on tasks undertaken in-person (or online in the case of online tutorials) during tutorial sessions.

    Late submissions without an approved extension will generally not be accepted. Please refer to details on MyUni and contact the Course Coordinator as soon as practicable if you have any issues with submission that you wish to discuss.

    The Midterm Test is intended to be held during the lecture time in Week 7. Further details will be made available on MyUni.
    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
  • 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.