Class will be led by lecturer and encourage class participation.
Use of reports and videos etc. to reinforce learning, encourage debate, and develop students’ analytical abilities.
Module Aim:
To introduce students to the role of micro-economics in supporting key managerial decision-making within the firm
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1
To illustrate the role of micro-economics in supporting managerial decision-making
LO2
To analyse and explain key concepts in relation to managerial economics and the Models of the Firm.
LO3
To apply micro-economic analysis to management issues such as cost, demand analysis, risk assessment, production, profit maximization and industry structure.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is recommended before enrolment in this module.
5897
ECON H1704
Economics 1
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed
Module Content & Assessment
Indicative Content
Managerial Objectives & Theories of Firm Behaviour
• Introduction to the economic principles of Management
• Profit maximisation model
• Sales revenue maximisation model
• Growth maximisation model
• Managerial Utility maximisation model
• “Wealth” or Value maximisation model
Understanding Demand and Supply:
• Determinants of market demand
• Constructing and statistical estimation of market demand functions and supply functions
• Demand Analysis
• Price Elasticity and Corporate Revenue
Market Structure
• Monopoly, Perfect Competition, Imperfect Competition
• Competition Policy
• Concept of Market Power
• Profit theories and decisions under different market structures
Production and Cost Analysis
• The Production Function
• Estimating Production Functions
• From Production to Costs: The Law of Diminishing Returns
• Nature and types of costs
• Cost Estimation & Cost Functions
• Marginal Cost in Decision Making
• Opportunity Cost
Risk Analysis
Risk Analysis
Assessment Breakdown
%
Continuous Assessment
30.00%
End of Module Formal Examination
70.00%
Continuous Assessment
Assessment Type
Assessment Description
Outcome addressed
% of total
Assessment Date
Essay
Essay on the models of the firm and its application to real-life scenarios.
2
30.00
n/a
No Project
No Practical
End of Module Formal Examination
Assessment Type
Assessment Description
Outcome addressed
% of total
Assessment Date
Formal Exam
Final Exam
1,2,3
70.00
End-of-Semester
SETU Carlow Campus reserves the right to alter the nature and timings of assessment