ECON 7244OL - Managerial Economics

Online - Online Teaching 3 - 2021

Enterprises, public-sector organisations and not-for-profits operate in a highly dynamic and often very competitive economic environment, within which they must pursue their organisational goals, constrained by limited financial and other resources. A deep and extensive understanding of this environment is essential for effective managerial decision-making. Valuable topics for managers in this course include scarcity and opportunity costs; money and finance; the macroeconomic environment; behavioural economics; competition and pricing; strategic decisions; market failure; innovation; globalisation; and the growing significance of ecological sustainability and climate change policy for business.

  • General Course Information
    Course Details
    Course Code ECON 7244OL
    Course Managerial Economics
    Coordinating Unit School of Economics
    Term Online Teaching 3
    Level Postgraduate Coursework
    Location/s Online
    Units 3
    Available for Study Abroad and Exchange N
    Course Description Enterprises, public-sector organisations and not-for-profits operate in a highly dynamic and often very competitive economic environment, within which they must pursue their organisational goals, constrained by limited financial and other resources. A deep and extensive understanding of this environment is essential for effective managerial decision-making. Valuable topics for managers in this course include scarcity and opportunity costs; money and finance; the macroeconomic environment; behavioural economics; competition and pricing; strategic decisions; market failure; innovation; globalisation; and the growing significance of ecological sustainability and climate change policy for business.
    Course Staff

    Course Coordinator: Mr Antonio Dottore



    Program Coordinator contact details: MBA Online

    Name: Assoc. Prof. Graciela Corral de Zubielqui

    Email: graciela.corraldezubielqui@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, you will be able to:

    1. evaluate how enterprises, public-sector organisations and not-for-profits manage a highly dynamic and competitive economic environment
    2. investigate how managers pursue organisational goals, constrained by limited financial and other resources
    3. critically apply key economic theories and concepts to the management of an organisation
    4. evaluate how key economic data can be applied to achieve organisational objectives
    5. measure how the global economic environment influences organisational innovation and strategic managerial decision-making
    6. interpret how environmental, social, and other key non-economic indicators can generate organisational innovation and performance.
    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, 5, 6.
    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
    3, 6.
    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
    2, 3, 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
    2, 4, 6.
    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
    5.
  • Learning Resources
    Required Resources
    A Custom Edition eBook has been created: 

    https://www.pearson.com.au/9780655704980
    Online Learning
    This is an online course.

    The course is delivered over a 6 week period. ‘Time’ is one of our most precious resources and to cover an MBA Course in that time needs planning. This link provides some ideas on Time Management

    The Course is more than absorbing information. The activities and interactions are designed to help you synthesise and be able to apply them. Discussion with other, sharing different perspectives through the tutorials and Discussion Board is a great way to hone your ideas, test interpretations and enjoy the journey.


    All relevant video recordings and activities are on the MyUni portal
  • Learning & Teaching Activities
    Learning & Teaching Modes
    This is an online course. There are six modules outlined below under "Learning Activities Summary":


    1. Introduction to Managerial Economics

    2. Organisational Decision Making

    3. Market Structure

    4. The Role of Government and Managerial Decision-making

    5. Economics of Managing Risk

    6. Business of the International Economy


    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.

    Students should allocate approximately 25 hours per week to accomplish the Learning Outcomes for this intensive Course. In total the
    Course is estimated to require 156 - 160 hours for completion. Roughly one third of that would be taken up by the assessment tasks.

    Additional reading is provided for student extension.
    Learning Activities Summary

    Over the next 6 weeks, you will need to work through the 6 modules.
    Each week you will need to:

    - work through the content
    - complete the readings (additional readings are optional)
    - participate in the discussion board/s including Zoom discussions
    - watch the videos (where available)listen to podcasts (where available)
    - complete activities (including quizzes)
    - undertake a range of self-assessments and learning reflections (Personal Learning Reflections)
    - attend online tutorial (zoom session)
    - attend to relevant assessment tasks and
    - ensure assessments are submitted by the due dates


    The course is broken into six modules:

    1. Introduction to Managerial Economics

    • Introduction to Managerial Economics
    • Why is Economics Important?
    • Introduction to Economic Decision Making
    • Supply and Demand
    • Opportunity Costs
    • Valid and Reliable Data
    • Readings
      • Keat, Young & Erfle 2014, ‘Introduction’ in Managerial economics: economic Tools for today’s decision makers, 7th Edn pp.27-35.
      • Blair, R. & Rush, M. 2020, ‘Managerial Economics and Decision-making’ in The Economics of Managerial Decisions, pp. 39-44.
      • Brander, J.M & J.A, Perloff 2019, ‘Introduction’ in Managerial Economics and Strategy pp.23-29; 30-61
      • Blair, R & Rush, M (2020) ‘Managerial Economics and Decision-making’ in The Economics of Managerial Decisions. pp.44-65.

    2. Organisational Decision Making

    • Introduction to Organisational Decision Making
    • Elasticity of Demand
    • Production and Costs
    • Strategies and Increasing Demand
    • Readings
      • Keat, Young & Erfle 2014, ‘The Firm and Its Goals’ In Managerial Economics, pp.44-61.
      • Blair & Rush 2020, ‘Production and Costs’ in The Economics of Managerial Decisions, pp.176-212.
      • Blair & Rush 2020, ‘Perfection Competition’ in The Economics of Managerial Decisions, pp.224-256.

    3. Market Structure

    • Introduction to Market Structure
    • Economic Decision-making
    • Market Principles to Industries
    • Readings
      • Brander & Perloff 2019, ‘Firm Organisation and Market Structure’ in Managerial Economics and Strategy, pp.216-250.
      • Blair & Rush 2020, ‘Monopoly and Monopolistic Competition’ in The Economics of Managerial Decisions pp. 265-300.
      • Brander & Perloff 2019, ‘Pricing with Market Power’ in Managerial Economics and Strategy, pp. 338-376.
      • Porter 1980, ‘Industry Structure and Competitive Strategy: Keys to Profitability’, Financial Analysts Journal, Jul-Aug., 1980, Vol. 36, No.4 (Jul.-Aug., 1980), pp30-41.
      • Porter 2008, ‘The Five Competitive Forces that Shape Strategy’, Harvard Business Review, January 2008, pp. 78-93.

    4. The Role of Government and Managerial Decision-making

    • Introduction to The Role of Government and Managerial Decision-making
    • Rationale for Government Involvement in Market Economy
    • Competition Policy
    • Game Theory
    • Readings
      • Brander & Perloff 2019, ‘Government and Business’ in Managerial Economics and Strategy pp. 566- 602.
      • Feldman 1971, ‘Efficiency, Distribution, and the Role of Government in a Market Economy’, Journal of Political Economy.pp.508–526.
      • Miliband 2012, ‘Building a Responsible Capitalism’ in Public Policy Research, Volume 19, iss 1, 17-25.
      • Foreign investment Review Board (2020) "Annual Report 2018–19", Government of Australia 2020
      • Blair & Rush 2020, ‘Game Theory and Oligopoly’ in The Economics of Managerial Decisions. Pp. 356 – 406.

    5. Economics of Managing Risk

    • Introduction to the Economics of Managing Risk
    • Business Decisions Under Uncertainty
    • Readings
      • Keat, Young & Erfle 2014, ‘Capital Budgeting and Risk’ in Managerial Economics Economic Tools for Today's Decision Makers, 7th Edition, pp. 487-524.
      • Blair & Rush 2020, ‘Business Decisions under Uncertainty’ in The Economics of Managerial Decisions, pp. 625-661.

    6. Business of the International Economy

    • Introduction to the Business of the International Economy
    • Global Business and Trade
    • Trade Restrictions and Opportunities
    • Global Value Chains
    • Challenges and Opportunities for Managers of the 21st Century
    • Readings
      • Brander & Perloff 2019, ‘Global Business’ in Managerial Economics and Strategy, pp.608 - 640.
      • Keat, Young & Erfle 2014, ‘The Multinational Corporation in a Global Setting’ in Managerial Economics Economic Tools for Today's Decision Makers, 7th Edition, pp. 535- 556.
      • Porter 1990, ‘Competitive Advantage of Nations’, Harvard Business Review, pp. 1-43.
      • Keat, Young & Erfle 2014, ‘Government and Industry: Challenges and Opportunities for Today's Manager’ in Managerial Economics Economic Tools for Today's Decision Makers, 7th Edition, pp. 559–580.
    Specific Course Requirements

    Students will need to be able to;

    - Navigate their way around this course environment.
    - Use search engines to locate designated content on the Internet.
    - Download software applications to your computer.

  • 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 Task Type Weighting Learning Outcome
    Executive Briefing Paper 20% 2, 3, 4
    Economic Situation Analysis 30% 1, 3, 4, 5
    Strategic Growth Proposal 40% 2, 3, 5, 6
    Critical Business Reflection 10% 2, 3, 4, 6

    Assessment Related Requirements

    The submission of all the assessments is a requirement to pass the course.

    Activities leading into the assignments are built into the Course, which will take approximately 40% of your time.

    Within this Course you have the opportunity to capture your personal reflections. These are not assessed.

    The University Assignment Cover sheet with student details and the signed student declaration that the work is their own, and that the University has the right to access the electronic version of the assignment must be submitted with each assignment.

    Applications for extensions must comply with University policy and submitted prior to the due date late submissions will be subject to University policy



    ASSESSMENT 1


    Requirements
    This assessment will be written using a briefing paper format. This format will include a Summary, Background, Key considerations, Recommendations, and Implementation sections to the paper.

    The paper will be submitted through MyUni/Canvas as a text document (doc, docx, pdf), and will be 1200 words.


    ASSESSMENT 2


    Requirements
    This assessment will be written using a technical report format. This format will include an Executive Summary, Introduction, Methodology, Modelling findings, and Conclusion sections to the paper.

    The paper will be submitted through canvas as a text document (doc, docx, pdf), and will be 2000 words.



    ASSESSMENT 3


    Requirements
    This assessment will be written using a technical report format. This format will include an Executive Summary, Introduction, Company Position, Economic Analysis, Forecasting, Recommendations, and Implementation sections to the report.

    The paper will be submitted through canvas as a text document (doc, docx, pdf), and will be 2500 words.


    ASSESSMENT 4


    Requirements
    This will be written using a briefing paper format. This format will include a Summary, Background, Key considerations, Recommendations and Implementation sections.

    Note: You will also need to include your reflective journal as an appendix along with your briefing paper.

    The paper will be submitted through canvas as a text document (doc, docx, pdf), and will be 800 words.
    Assessment Detail
    Assessment 1 — Executive Briefing Paper

    Description
    You will develop an Executive Briefing Paper for the CEO and Board to identify how your firm/organisation can use and analyse economic data to improve performance.

    This paper will be a short, but detailed, technical paper highlighting the benefits and costs of incorporating economic data and analysis that will be relevant to the future success of your firm/organisation. This proposal to the CEO and Board will demonstrate future economic analysis that will be undertaken within your firm/organisation.

    You should reference Module 1 and Module 2 topics covered in the course, and incorporate topics that are relevant to your firm/organisation and industry.

    Purpose
    The purpose of this assessment is to demonstrate how application of critical economic tools and analysis can improve organisational performance.

    Outcomes
    This assessment maps to the following course learning outcomes:

    CLO2 Investigate how managers pursue organisational goals, constrained by limited financial and other resources.
    CLO3 Critically apply key economic theories and concepts to the management of an organisation.
    CLO4 Evaluate how key economic data can be applied to achieve organisational objectives.



    Assessment 2 – Economic Situation Analysis

    Description
    You will develop a targeted economic situation analysis for your firm/organisation to identify and analyse the current operating environment using one of more economic theories. This analysis will build upon the Executive Briefing Paper that you submitted for Assessment 1: Executive Briefing Paper.

    This is a technical economic report that will identify the current operating conditions for your firm/organisation. The economic situation analysis will apply economic theories, concepts and tools introduced over the first four modules of this course.

    As part of your analysis, you will utilise firm/organisational data, in addition to macro-level environmental economic data (ABS, Australian Government, UN, World Bank, etc).

    This assessment will be used to create the economic framework for your firm/organisation, and provide the groundwork for Assessment 3.

    Purpose
    The purpose of this assessment is to demonstrate you can apply critical economic tools and analysis to assess the current environment in which your firm/organisation is operating.

    Outcomes
    This assessment maps to these course learning outcomes:

    CLO1 Evaluate how enterprises, public-sector organisations and not-for-profits manage highly dynamic and competitive economic environment.
    CLO3 Critically apply key economic theories and concepts to the management of an organisation.
    CLO4 Evaluate how key economic data can be applied to achieve organisational objectives.
    CLO5 Measure how the global economic environment influences organisational innovation and strategic managerial decision-making.





    Assessment 3 - Strategic Growth Proposal 

    Description

    You will develop a strategic growth proposal for your firm/organisation. This proposal will be developed for the CEO and/or Board of your firm/organisation and will build upon the economic situation analysis you undertook in Assessment 2: Economic Situation Analysis. The strategic growth proposal will determine the current economic operating environment for your firm/organisation, utilising current and forecast firm/organisational data in addition to macro-level environmental economic data (ABS, Australian Government, UN, World Bank, etc) as part of your analysis.

    Based upon economic theories, concepts and tools developed in this course, this detailed strategic growth proposal will utilise key economic research and analysis of the future environment. It will identify performance improvements and growth that will be achieved by your firm/organisation, resulting in enhanced organisational performance and growth.

    Purpose

    The purpose of this assessment is to demonstrate application of strategic economic research and analysis to make recommendations for managerial decision making that will result in enhanced organisational performance and growth.

    Outcomes
    This assessment maps to the following course learning outcomes:

    CLO2 Investigate how managers pursue organisational goals, constrained by limited financial and other resources.
    CLO3 Critically apply key economic theories and concepts to the management of an organisation.
    CLO5 Measure how the global economic environment influences organisational innovation and strategic managerial decision-making.
    CLO6 Interpret how environmental, social, and other key non-economic indicators can generate organisational innovation and performance.



    Assessment 4 - Critical Business Reflection

    Description
    This is the final assessment of the course. It draws upon the course learnings as the criteria for your reflection. You will need to review your understanding of managerial economics introduced in the course, not just those relevant to your industry.

    Use the lessons from the readings, textbook(s) and your course notes (reflective journal) to critically reflect on your learning in the course. Analyse the relevance of your understanding towards your MBA by reviewing your reflections and writing a brief (equivalent to 800 words) critiquing your strengths and weaknesses in preparing for further research.

    You will identify your own strengths and weaknesses within managerial economics, focusing on Assessment 1: Executive Briefing Paper, Assessment 2: Economic Situation Analysis and Assessment 3: Strategic Growth Proposal. It is critical that you demonstrate the alignment of your course aims, objectives, learning outcomes, course content, and assessment criteria to promote a viable research project.

    Purpose
    The purpose of this assessment is to critically reflect on your accumulated learnings and experience of the course, which may contribute towards the final research project.

    Outcomes
    This assessment maps to the following course learning outcomes:

    CLO2 Investigate how managers pursue organisational goals, constrained by limited financial and other resources.
    CLO3 Critically apply key economic theories and concepts to the management of an organisation.
    CLO4 Evaluate how key economic data can be applied to achieve organisational objectives.
    CLO6 Interpret how environmental, social, and other key non-economic indicators can generate organisational innovation and performance.

    Submission

    All text based assignments must be submitted via MyUni.

    Please refer to step by step instructions: MyUni Learning Centre

    There are a few points to note about the submission of assignments:

    Assignment Submission: Assignments should not be emailed to the instructor; they must be lodged via the MyUni Course site (unless specified to do both). Note that assignments may be processed via TURNITIN, which is an online plagiarism prevention tool.

    Cover Sheet: Please include in the assignment a completed University of Adelaide Assessment Cover Sheet providing details of yourself and your team members (if applicable), your assignment, the course, date submitted, etc. as well as the declaration signed by you that this is your (your team’s) work. Note that the declaration on any electronically submitted assignment will be deemed to have the same authority as a signed declaration.

    Backup Copy of Assignments: You are advised to keep a copy of your assignments in case the submitted copy goes missing. Please ensure that all assignment pages are numbered. If your assignment contains confidential information, you should discuss any concerns with the Course Lecturer prior to submission.

    Extensions of Time: An application for Assessment Extension should be made well before the due date of the assignment to the Course Lecturer. Normally, extensions will only be granted for a maximum of two weeks from the original assignment submission date. Extensions will only be granted in cases of genuine medical, compassionate or extenuating circumstances.

    Failure to submit: Failure to submit an assignment on time or by the agreed extension deadline may result in penalties and may incur a fail grade. Note that a late penalty of 5% of the total available marks for that assessment item will be incurred each day an assignment is handed in late (Unless otherwise stated in 'Assessment Related Requirements' or 'Assessment Detail' above). Assignments handed in after 14 days from the due submission date will fail even if a 100% mark is granted for the work.

    Resubmission & Remarking Resubmission of an assignment for remarking after reworking it to obtain a better mark will not normally be accepted. Approval for resubmission will only be granted on medical or compassionate grounds. All assignments must be submitted by Sunday night, 11:59pm of the week in which they are due.



    Assessment 1 — Executive Briefing Paper

    Submission format
    Online submission as a text document (doc, docx, pdf).

    Assessment 2 — Economic Situation Analysis

    Submission format
    Online submission as a text document (doc, docx, pdf).

    Assessment 3 — Strategic Growth Proposal

    Submission format
    Online submission as a text document (doc, docx, pdf).

    Assessment 4 — Critical Business Reflection

    Submission format
    Online submission as a text document (doc, docx, pdf).


    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.

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  • Policies & Guidelines
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