Short Title:Managerial Economics
Full Title:Managerial Economics
Module Code:ECON H3004
 
Credits: 5
NFQ Level:7
Field of Study:Economics
Module Delivered in 3 programme(s)
Reviewed By:PHIL MULVANEY
Module Author:GERARD PHELAN
Module Description:This module aims to give students an appreciation of the economic principles underlying major business decisions. It aims to allow students to be able to explore a range of ways in which economics can be used to help understand what firms do and to be able to apply basic economic approaches to solving business problems. It assists students to appreciate the nature and structure of the firm and its implications for managerial decision-making. The concepts introduced in this module provide students with skills which can be applied in their business career and provides a foundation for future modules.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Demonstrate knowledge of the relevant fundamental concepts of economics that can be applied to a business context.
LO2 Apply the main theories, concepts and knowledge that underpins economics to solving practical business problems
LO3 Use mathematical techniques in conjunction with economic models to improve internal business operations and understand the external economic environment
LO4 Demonstrate an awareness of the complexity and interconnectivity of the general business environment to business decision making
Pre-requisite learning
Co-requisite Modules
No Co-requisite modules listed
 

Module Content & Assessment

Content (The percentage workload breakdown is inidcative and subject to change) %
Introduction to Managerial Economics
Firms, industries and markets: definitions and clarifications
5.00%
The management of risk and uncertainty
Estimating probability, probability and expected values, other decision criteria, attitudes towards risk, decision trees. Techniques for decision making under uncertainty.
20.00%
Aligning Remuneration Systems and Business Objectives.
Profit maximisation and alternatives to profit maximisation: managerial theories of the firm. X-inefficiency. Principal-agent theory and the role of incentives in designing remuneration systems.
15.00%
Formulating optimal solutions to Business Problems
Maximisation and Minimisation, variables, constraints and objective functions; graphical representation of linear programs –the feasible region and the optimum solution.
15.00%
The Competitive Environment
Measures of market concentration; the limitations of market concentration measures; contestable markets and competition policy.
15.00%
Estimating and Forecasting Demand
Estimating demand, barometric forecasting, times series analysis, regression analysis.
10.00%
Estimating and Forecasting Costs
Linear and non linear cost functions and break-even analysis. Sensitivity analysis.
10.00%
Pricing Techniques to Increase Profits
Price discrimination, Cost-plus pricing, pricing to deter entry - predatory pricing and limit pricing, Pricing in two sided markets.
10.00%
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Continuous Assessment The continuous assessment will take the form of an individual assessment. This can be an in-class time constrained short answer type examination or a project. 1,2,3 30.00 n/a
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4 70.00 End-of-Semester
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

IT Tallaght reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class Based Instruction 3.00 Every Week 3.00
Independent Learning No Description 6.00 Every Week 6.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Class Based Instruction 2.00 Every Week 2.00
Independent Learning No Description 7.00 Every Week 7.00
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 

Module Resources

Required Book Resources
  • Davies, H. & P. Lam 2001, Managerial Economics: An Analysis of Business Issues, 3rd ed Ed., FT Prentice Hall
Recommended Book Resources
  • Jones, T 2004, Business Economics and Managerial Decision Making, John Wiley and Sons Ltd.
  • McAleese, D. 2004, Economics for Business: Competition, Macro-stability and Globalisation, 3rd ed Ed., FT Prentice Hall
  • Boyes, W. 2012, Managerial Economics, Markets and the Firm, 2nd Edition Ed., South Western Cengage Learning
  • Ricketts, M. 2002, The Economics of Business Enterprise, 3rd ed Ed., Edward Elgar
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
TA_BAMNG_B Bachelor of Business (Honours) in Management 5 Elective
TA_BAMNG_D Bachelor of Business in Management 5 Elective
TA_BMNGT_D (1 year add-on) TA_BMNGT_D - Bachelor of Business in Management 5 Elective