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BX2021 - Managerial Economics

Credit points: 3
Year: 2012
Student Contribution Band: Band 3
Administered by: School of Business

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

Managerial economics helps decision-makers use fundamental microeconomics concepts to improve their decision-making process. It focuses on those aspects of theory which are immediately applicable to the practical problems faced by decision-makers, both in the private and government sectors of an economy. Topics of greatest interest and importance to decision-makers are addressed, such as demand, production, cost, market structure, investment analysis, and decision making under conditions of risk and uncertainty.

Learning Outcomes

  • Discuss important concepts of demand, production and cost theory and their relevance to decision making;
  • Describe what market structure is and how the conduct of a firm is dependent upon the structure of the market;
  • Understand what the constraints are imposed on decision making within a firm and make use of methods with which decisions can be made under conditions of risk or uncertainty;
  • Describe the techniques which can be applied to the evaluation of investment in both private and public sectors and how such techniques can be used;
  • Apply the techniques and tools learnt in this subject to broad real world situations.

Graduate Qualities

  • The ability to adapt knowledge to new situations;
  • The ability to define and to solve problems in at least one discipline area;
  • The ability to think critically, to analyse and evaluate claims, evidence and arguments, and to reason and deploy evidence clearly and logically;
  • The ability to deploy critically evaluated information to practical ends;
  • The ability to find and access information using appropriate media and technologies;
  • The ability to evaluate that information;
  • An understanding of the economic, legal, ethical, social and cultural issues involved in the use of information;
  • The ability to select and organise information and to communicate it accurately, cogently, coherently, creatively and ethically;
  • The acquisition of coherent and disciplined sets of skills, knowledge, values and professional ethics from at least one discipline area;
  • The ability to reflect on and evaluate learning, and to learn independently in a self directed manner;
  • The ability to manage future career and personal development;
  • The ability to read complex and demanding texts accurately, critically and insightfully;
  • The ability to speak and write clearly, coherently and creatively;
  • The ability to generate, calculate, interpret and communicate numerical information in ways appropriate to a given discipline or discourse;
  • The ability to communicate effectively with a range of audiences;
  • The ability to work individually and independently.
Inadmissible
Subject
Combinations:
EC2002 AND EC5204

Availabilities

Townsville, Study Period 1, Internal
Census Date 22-Mar-2012
Coordinator: Assoc. Professor Sizhong Sun
Lecturer: Dr Hong-Bo Liu.
Workload expectations:
  • 26 hours lectures
  • 12 hours tutorials
Assessment: end of semester exam (% - 40%); other exams (% - 20%); presentations (% - 10%); assignments (% - 30%).

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.