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ECO515 Managerial Economics

The subject develops students' understanding of managerial decision-making. It is concerned with the application of economic principles and methodologies to the decision-making process of the business firm operating under conditions of risk and uncertainty. The subject covers: analytical techniques, demand analysis, production and cost analysis, market structure and pricing practices. Assumed knowledge for this subject is equivalent to that covered in ECO501.

Subject Outlines

Subject Outlines for recent sessions are available. Please note that Subject Outlines and assessment tasks are updated each session.

Availability

The subject is available in Session 3. It is offered online and at the Wagga Wagga Campus.

Duration

The subject is one session in duration.

School

The subject is offered by the School of Accounting and Finance.

Learning Outcomes

Upon successful completion of this subject, students should:

• be able to identify managerial problem situations whose solutions necessitate the use of economic and quantitative tools
• be able to explain the economic theoretical underpinnings needed to analyse managerial decision problems
• be able to combine economic principles and associated quantitative tools to solve managerial decision-making problems

Syllabus

This subject will cover the following topics:

• Techniques of analysis: optimisation techniques, risk analysis and estimation techniques, linear programming
• Demand theory: consumer theory, market demand and elasticity concepts
• Demand estimation: marketing research and regression approaches
• Demand forecasting: qualitative, time-series and smoothing techniques
• Production theory and estimation
• Cost theory and estimation
• Market structure: perfect competition, monopoly, monopolistic competition and oligopoly
• Pricing practices: including price discrimination and transfer pricing

Grading System

The grading system for this subject is HD/FL.