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ECO5000 Economics for Managers

Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Business
Student contribution band : Band 4
Grading basis : Graded
Version produced : 20 May 2022

Overview

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.

Course offers

Semester Mode Campus
Semester 1, 2022 Online
Semester 2, 2022 On-campus Springfield
Semester 2, 2022 On-campus Toowoomba
Semester 2, 2022 Online
Date printed 20 May 2022