ECON 7241 - Managerial Economics IID

North Terrace Campus - Semester 2 - 2021

This course builds on the microeconomic principles studied in introductory 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 IID will focus on applications to real world problems.

  • General Course Information
    Course Details
    Course Code ECON 7241
    Course Managerial Economics IID
    Coordinating Unit School of Economics
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange Y
    Incompatible ECON 7011; ECON 2506; ECON 2514; ECON 2516
    Assumed Knowledge ECON 7222 or equivalent
    Course Description This course builds on the microeconomic principles studied in introductory 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 IID will focus on applications to real world problems.
    Course Staff

    Course Coordinator: Dr Raul Barreto

    Associate Professor Paul Pezanis-Christou

    Location: Room 4.09, Level 4 Nexus 10 (10 Pulteney St)
    Telephone: 8313 4928
    Office hours: see MyUni

    Email: paul.pezanis-christou@adelaide.edu.au
    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. Apply an economic decision-making framework to a range of managerial problems and to a case study.
    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
    1,2,3,4,5
    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
    1,3,4,5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1,3,4,5
    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.
  • Learning & Teaching Activities
    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.

    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.

    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.
  • 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
    Online Quiz Weekly 20% 1,2,3,4,5
    Midterm  Week 6 30% 1,2
    Case Study Week 12 10% 1,2,3,4,5
    Final Exam TBA 40% 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). It is worth 30% of your final mark.

    Online Quiz: Multiple choice quizzes will be conducted online each week from Week 2 to Week 12. The grade for this component will be based only on the score of the student's best 10 quiz results out of the total 11. See MyUni for further information regarding format, content, requirements and deadlines. It si worth 20% of your final mark.

    Case Study: Students will be asked to complete a case study. This a group task: as students will have to form groups of two or three (maximum) and submit a joint report (of 1000 words maximum) in Week 12. The topic of the case study will be disclosed in Week 7 or 8. Its is worth 10% of your final mark.

    Final exam: It will be a two or three hour exam that covers the material taught from Week 1 to Week 12. Its is worth 40% of your final mark.

    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 submit an assignment on time will lead to a zero mark.
    • The Case Study must be submitted online at some due date to be announced on MyUni. Failure to submit the report in time will lead to a 20% penalty for each day (24 hours) beyond the due date.
    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.

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