Business Economics (BUST08005)
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Delivery Session Year
Visiting students must have at least 1 introductory level Business Studies course at grade B or above for entry to this course. This course cannot be taken alongside Economics 1 (ECNM08013), Economic Applications (ECNM08003) or Economic Principles (ECNM08004). We will only consider University/College level courses.
This course gives students an understanding of economic principles which enable managers to make optimal decisions and also makes students aware of some government policies which affect the decisions managers can make. The course encourages students to develop a critical and evaluative approach to the principles they are taught.
The course is divided into topics. Firstly we consider the objectives of owners and managers. Secondly we consider demand and forecasting followed by cost theory and measurement. Then we put these two topics together and consider pricing policy with a particular interest in the interactions between firms. Next we consider pricing and other behaviour which is constrained by government competition policy. We then turn to another managerial policy: advertising decisions and then consider a very common problem: markets where the buyer or seller has different information compared with the other. Finally we look at the implications of being part of a network (e.g. a mobile telephone network). SYLLABUS 1. Demand Analysis and Estimation 2. Productivity and Efficiency Analysis 3. Market Structure, Conduct and Performance 4. Pricing with Market Power 5. Introduction to Game Theory 6. Oligopoly 7. Asymmetric Information 8. Network Economies STUDENT LEARNING EXPERIENCE The lectures will outline the economic principles with case examples. The tutorials will give students the opportunity to apply the principles to particular cases. The coursework essay will give students the opportunity either to apply economic principles to a particular case or to businesses in general.
Written Exam 0%, Coursework 100%, Practical Exam 0%
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