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EC5204 - Managerial Economics

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

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

  • increased understanding of microeconomic concepts, models and analysis and how these are used in government policy, More specifically, use a range of different models to explain and/or describe the behaviour of firms;
  • understand some of the key assumptions, problems, strengths and limitations of the relevant models;
  • construct, manipulate and explain a range of simple diagrams associated with the relevant models;
  • use the models to analyse changes, making predictions about the possible impact of the changes;
  • apply the knowledge gained from this subject tro real world situations.

Graduate Qualities

  • The ability to appraise information critically;
  • The ability to use independent judgment to synthesise information to make intellectual and/or creative advances;
  • The ability to think laterally and be original;
  • The ability to conceptualise problems;
  • The ability to conceptualise and evaluate a range of potential solutions to relevant problems;
  • The ability to encompass and use methods and conceptual advances in areas of knowledge cognate to their central area(s) of expertise;
  • The ability to plan, conduct and manage research in their discipline;
  • The potential to lead and contribute to projects effectively and efficiently.
Assumed
Knowledge:
Introductory subjects in Economics and Statistics
Inadmissible
Subject
Combinations:
EC2002 BX2021

Availabilities

Townsville, Study Period 1, Internal
Census Date 22-Mar-2012
Coord/Lect: Assoc. Professor Sizhong Sun.
Workload expectations:
  • 26 hours lectures
  • 12 hours tutorials
  • 3 hours workshops/Seminars
Assessment: end of semester exam (40%); quizzes or tests (30%); 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.