Managerial Economics and Strategy
ECO21
Overview
Level of study: What does Undergraduate Level 2 mean?
Undergraduate Level 2
EFTSL: What does EFTSL mean?
0.125
Delivery Method: What does delivery method mean?
Fully Online
Prerequisites: What are the prerequisites?
Duration:
13 weeks
Domestic student fee:
$1,178.00 (AUD)
HECS student fee:
$1,178.00 (AUD)
International student fee:
$1,403.00 (AUD)
Description
This unit emphasises the practical application of economic concepts to the decision-making processes of business and government, using case studies and problems as illustrations. Topics include demand analysis and forecasting, optimal pricing, the role of costs in managerial decision-making, asymmetric information, organisational design, competitive strategies, game theory and an introduction to the principles of cost-benefit analysis.
Please note: Assessment values are indicative only; details will be advised at the start of the unit.
Prerequisites
Mandatory prerequisites
You must have successfully completed the following unit(s) before starting this unit:
- ECO11 — Principles of Economics (Previously Microeconomics 1)
- STA102 — Foundations of Statistics (Previously STA15)
If you have completed equivalent study at another university, please contact a Student Advisor for advice.
Assessment
- Assignment — (20%-30%)
- Invigilated Exam — (40%-50%)
- Mid-study period test — (20%-30%)
Learning Outcomes
At the completion of this unit students will be able to:
- apply a decision making framework to a wide range of economic problems
- use the concepts of elasticity and marginal revenue to establish optimal prices for goods and services
- analyse the determinants of demand and their relative significance using direct and statistical methods
- identify the costs that are relevant to decision making and distinguish between cost reductions due to scale, scope and learning effects
- understand the concept of asymmetric information, its implications for firms and individuals and its implications for economic transactions
- apply the basic concepts of game theory to oligopolistic decision making
- apply the principles of cost-benefit analysis to a variety of public projects.
Topics
This unit addresses the following topics.
| Number | Topic |
|---|---|
| 1 | Demand analysis and forecasting |
| 2 | Optimal pricing |
| 3 | The role of costs in managerial decision-making |
| 4 | Asymmetric information |
| 5 | Organisational design |
| 6 | Competitive strategies |
| 7 | Game theory |
| 8 | Introduction to the principles of cost-benefit analysis |
Study Resources
This unit is delivered using the following methods and materials:
Print based materials
- Welcome Letter
Online materials
- Printable format materials
Textbook information for this unit is currently being updated and will be available soon. Please check back regularly for updates. Alternatively, visit the Unibooks website and enter the unit details to search for available textbooks.
Relevant Courses
This unit is part of a major, minor, stream or specialisation in the following courses:
- Bachelor of Technology (Computing Studies), RMIT University
- Bachelor of Business, Swinburne University of Tnlgy
This unit is an approved elective in the following courses:
This unit may be eligible for credit towards other courses:
- Many undergraduate courses on offer through OUA include 'open elective' where any OUA unit can be credited to the course. You need to check the Award Requirements on the course page for the number of allowed open electives and any level limitations.
- In other cases, the content of this unit might be relevant to a course on offer through OUA or elsewhere. In order to receive credit for this unit in the course you will need to supply the provider institution with a copy of the Unit Profile in the approved format, which you can download here. Note that the Unit Profile is set at the start of the year, and if textbooks change this may not match the Unibooks textbook list.
