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BX2021 - Managerial Economics

Credit points: 3
Year: 2020
Student Contribution Band: Band 3
Administered by: College of Business, Law & Governance

Available to all JCU students. Those who choose to enrol should have gained a sound understanding of introductory economics.

A business cannot survive without a solid understanding of cost and revenue estimation, cost effective capital/labour ratios, pricing strategies tailored to market environment, and decision making under uncertainty. This subject focuses on these and other economic concepts that help managers, business owners and those considering starting a business to manage their business successfully. Beyond economics students, the subject provides valuable skills to students who consider exercising their discipline-specific skill in their own business or manage such a business (for example an educational consultant, a pharmacist or an engineering consultant).

Learning Outcomes

  • explain the relevance of the economic concepts of supply and demand, and production cost and revenue estimation to business decision making;
  • discuss the importance of market structure to a price strategy of a business and its market conduct, and, identify the constraints imposed by risk and uncertainty on decision making within a firm;
  • design an optimal pricing and production strategy for a chosen business.

Subject Assessment

  • end of semester exam (40%)
  • assignments (10%)
  • test/quiz (20%)
  • project report (30%).
Prerequisites: BU1003 OR BU1903 OR EG4000 OR EC1005 OR EC1001
Inadmissible
Subject
Combinations:
EC2002 AND EC5204

Availabilities

Townsville, Internal, Study Period 1
Census Date 26-Mar-2020
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

External, Study Period 1
Census Date 26-Mar-2020
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 0 hours
  • assessment and self-directed study
Method of Delivery: WWW - LearnJCU

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.