|Semester 1, 2021 Online|
|Short Description:||Economics for Managers|
|Faculty or Section :||Faculty of Business, Education, Law and Arts|
|School or Department :||School of Business|
|Student contribution band :||Band 4|
|ASCED code :||091901 - Economics|
|Grading basis :||Graded|
Examiner: Mafiz Rahman
There are no prerequisites for this course. This course will require an ability to read graphs, charts and tables. There are no advanced mathematical requirements for this course.
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.
Managerial economics is the study of how to use available resources to achieve business goals. This course introduces students to a problem solving and business decision making approach in order to become informed regarding practical managerial pricing and firm investment decisions. The course emphasises the relevance of the conventional economics model to formulation of sound business decisions on pricing and investment when understanding of consumer and rival firms behaviour is necessary. Upon completing this course students should be able to demonstrate an understanding of the economics model of decision making, particularly pricing and investment decisions in contexts characterised by uncertainty.
The course initially outlines the problem solving and decision making process that the conventional economics model utilises to enable firms to make `rational' pricing and investment decisions. A comprehensive explanation of firm profit maximising pricing behaviour in various market structures and under different market conditions is presented and critiqued. Concepts for investment decision making with uncertainty are outlined and developed. Strategic decision making, particularly when faced with uncertainty is discussed and assessed in several business contexts.
On successful completion of this course, students will:
- demonstrate an understanding of the conventional economics model and how it can explain and apply those concepts in real world business contexts;
- demonstrate how as a problem solving approach the rational economic approach can be used to assist in firm decision-making;
- demonstrate an understanding of pricing decision making in the conventional economics model of choice, and apply the model in a real world business context;
- demonstrate the influence of strategic decision making and uncertainty on the pricing and investment behaviour of firms.
|1.||Problem solving and decision making||20.00|
|2.||Pricing, costs and profits||30.00|
|3.||Pricing for greater profit||20.00|
|4.||Strategic decision making||10.00|
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://omnia.usq.edu.au/textbooks/?year=2021&sem=01&subject1=ECO5000)
Please contact us for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
Froeb, L, McCann, B, Shor, M & Ward M, 2019 'Managerial economics: a problem solving approach', 5th edition, Cengage Learning, Australia.
Student workload expectations
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|ASSIGNMENT 1||15||15||22 Mar 2021|
|ASSIGNMENT 2||35||35||24 May 2021|
|OPEN EXAM - TAKE HOME||50||50||End S1||(see note 1)|
- This will be a take home exam. Students will be provided further instruction regarding the exam by their examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released.
Important assessment information
Online: There are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
On-campus: It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
Requirements for students to complete each assessment item satisfactorily:
Due to COVID-19 the requirements for S1 2021 are: To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.
Requirements after S1, 2021:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
Penalties for late submission of required work:
Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)
Requirements for student to be awarded a passing grade in the course:
Due to COVID-19 the requirements for S1 2021 are: To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Requirements after S1, 2021:
To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
Due to COVID-19 the requirements for S1 2021 are: An Open Examination is one in which candidates may have access to any printed or written material and a calculator during the examination.
Requirements after S1, 2021:
This is a restricted examination. The only materials that candidates may use in the examination for this course are:
- writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
- an unmarked non-electronic translation dictionary (but not technical dictionary). A student whose first language is not English may take a translation dictionary into the examination room. A translation dictionary with any handwritten notes will not be permitted. Translation dictionaries will be subject to perusal and may be removed from the candidate's possession until appropriate disciplinary action is completed if found to contain material that could give the candidate an unfair advantage.
- a calculator which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator(s) they use during the examination).
Examination period when Deferred/Supplementary examinations will be held:
Normally Deferred and Supplementary Examinations are held in the next Examination period. In S1 2021 selected courses will pilot an early Deferred and Supplementary Examination period held within 30 business days of results release. The list of courses involved can be found at https://cmsauth.usq.edu.au/current-students/academic/exams/supplementary-and-deferred-assessment.
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.