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ECO332Social Sciences3 Unitsintermediate

Managerial Economics

This course introduces students to the principles and applications of managerial economics. It covers topics such as decision analysis, demand forecasting, production and cost analysis, and market structure. Students will learn how to apply economic theories and techniques to solve real-world business problems. The course equips managers with the tools necessary for effective resource management and strategic decision-making in a complex global business environment.

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156h

Study Time

13

Weeks

12h

Per Week

intermediate

Math Level

Course Keywords

Managerial EconomicsDecision AnalysisDemand ForecastingCost AnalysisMarket Structure

Course Overview

Everything you need to know about this course

Course Difficulty

Intermediate Level

Builds on foundational knowledge

65%

intermediate

📊

Math Level

Moderate Math

📖

Learning Type

Theoretical Focus

Course Topics

Key areas covered in this course

1

Managerial Economics Principles

2

Decision Analysis

3

Demand Analysis

4

Demand Forecasting

5

Production Theory

6

Cost Analysis

7

Market Structure

8

Pricing Strategies

Total Topics8 topics

Ready to Start

No specific requirements needed

This course is designed to be accessible to all students. You can start immediately without any prior knowledge or specific preparation.

Assessment Methods

How your progress will be evaluated (3 methods)

assignments

Comprehensive evaluation of course material understanding

Written Assessment

tutor-marked assessments

Comprehensive evaluation of course material understanding

Written Assessment

final examination

Comprehensive evaluation of course material understanding

Written Assessment

Career Opportunities

Explore the career paths this course opens up for you

Business Analyst

Apply your skills in this growing field

Management Consultant

Apply your skills in this growing field

Financial Analyst

Apply your skills in this growing field

Marketing Manager

Apply your skills in this growing field

Project Manager

Apply your skills in this growing field

Industry Applications

Real-world sectors where you can apply your knowledge

ConsultingFinanceMarketingManufacturingRetail

Study Schedule Beta

A structured 13-week journey through the course content

Week

1

Module 1: Basic Principles in the Application of Managerial Economics

2h

Unit 1: Definition and Importance of Managerial Economics

2 study hours

•Define managerial economics and discuss its importance in business decision-making.
•Identify the phases in business decision-making processes.
•Explain the scope of managerial economics and its role in bridging the gap between theory and practice.

Week

2

Module 1: Basic Principles in the Application of Managerial Economics

2h

Unit 2: Theories of Profit

2 study hours

•Differentiate between accounting profit and economic profit.
•Discuss Walker's theory of profit as rent of ability.
•Explain Clark's dynamic theory of profit and Schumpeter's innovation theory of profit.

Week

3

Module 1: Basic Principles in the Application of Managerial Economics

2h

Unit 3: Profit Maximisation as a Business Objective

2 study hours

•Understand the conditions for profit maximization.
•Apply mathematical concepts to solve profit maximization problems.
•Analyze the role of profit maximization as a business objective.

Week

4

Module 1: Basic Principles in the Application of Managerial Economics

2h

Unit 4: Other Business Objectives

2 study hours

•Discuss alternative business objectives, such as sales revenue maximization and growth rate maximization.
•Explain managerial utility maximization and long-run survival strategies.
•Analyze entry-prevention and risk-avoidance objectives.

Week

5

Module 1: Basic Principles in the Application of Managerial Economics

2h

Unit 5: Constrained Optimisation

2 study hours

•Understand constrained optimization techniques.
•Apply the substitution method to solve constrained profit maximization and cost minimization problems.
•Use the Lagrangian multiplier method to optimize business objectives under constraints.

Week

6

Module 2: Decision Analysis

2h

Unit 1: Decision Analysis

2 study hours

•Define decision analysis and its importance in modern decision-making.
•Differentiate between certainty and uncertainty in decision analysis.
•Analyze decision problems and construct payoff tables.

Week

7

Module 2: Decision Analysis

2h

Unit 2: Expected Monetary Value Decisions, Decision- Making Involving Sample Information, and Time Perspective in Business Decisions

2 study hours

•Apply expected monetary value decisions in business scenarios.
•Incorporate sample information into decision-making using Bayesian analysis.
•Understand the time perspective in business decisions and its impact on outcomes.

Week

8

Module 3: Analysis of Market Demand, Demand Functions and Demand Forecasting

2h

Unit 1: Analysis of Market Demand

2 study hours

•Define market demand and differentiate between various types of demand.
•Identify and analyze the determinants of market demand.
•Understand the relationship between price, income, and demand.

Week

9

Module 3: Analysis of Market Demand, Demand Functions and Demand Forecasting

2h

Unit 2: Demand Functions

2 study hours

•Understand the different forms of demand functions: linear, non-linear, and multi-variate.
•Apply demand functions to model the demand for goods and services.
•Analyze the impact of various factors on the shape and behavior of demand functions.

Week

10

Module 3: Analysis of Market Demand, Demand Functions and Demand Forecasting

2h

Unit 3: Elasticity of Demand

2 study hours

•Define elasticity of demand and its types.
•Calculate own-price elasticity, cross-elasticity, and income elasticity of demand.
•Analyze the determinants of price elasticity of demand.

Week

11

Module 3: Analysis of Market Demand, Demand Functions and Demand Forecasting

2h

Unit 4: Price Elasticity, Revenues and Income Elasticity of Demand

2 study hours

•Understand the relationship between price elasticity and revenues.
•Analyze the impact of price changes on total and marginal revenue.
•Apply elasticity concepts to sales forecasts and planning.

Week

12

Module 3: Analysis of Market Demand, Demand Functions and Demand Forecasting

2h

Unit 5: Demand Forecasting

2 study hours

•Understand the different demand forecasting techniques.
•Apply survey and statistical methods to forecast demand.
•Analyze the strengths and weaknesses of various forecasting techniques.

Week

13

Final Revision

4h

Final Revision

4 study hours

•Review all modules and units.
•Work on assignments and TMAs.
•Prepare for final examinations.

This study schedule is in beta and may not be accurate. Please use it as a guide and consult the course outline for the most accurate information.

Course PDF Material

Read the complete course material as provided by NOUN.

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Study Tips & Exam Preparation

Expert tips to help you succeed in this course

1

Review all key definitions and formulas from Units 1-5 in Module 1.

2

Practice decision analysis problems from Module 2, focusing on expected monetary value.

3

Create concept maps linking Units 1-5 in Module 3 to understand demand and forecasting.

4

Focus on cost minimization and output optimization techniques from Module 4.

5

Understand the characteristics of different market structures (Module 5) and their impact on pricing.

6

Solve numerical problems from TMAs and examples in each unit.

7

Allocate study time evenly across all modules, with extra focus on challenging units.

8

Create flashcards for key terms and concepts to aid memorization.

9

Practice past exam questions to familiarize yourself with the exam format and difficulty level.

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