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Graduate Diploma and Masters unit
Managers are provided decision-making tools based on economic theory and analyses for planning and problem-solving in organisations.
In this unit, students will examine the role of ethics in the context of managerial economics in ethical business decision-making. The use of economic data is framed within the context of business to determine practical costs and benefits.
Students will cover the following areas of study:
- Introduction to economics and its role in management
- Variable, fixed and total costs- impact on the firm
- Investment and shut-down decisions, pricing and elasticity
- Economies of scale and marginal cost, supply and demand
- Competitive industries and economic profit
- Foreign exchange, revenue or yield management, advertising and promotional pricing
- Price discrimination
- Game theory and bargaining
- Risk versus uncertainty
- Insurance and risk, adverse selection
- Principal-agent relationships
- Vertical relationships, double marginalisation, antitrust risks.
- Apply microeconomic concepts to business and individual decision-making
- Analyse and explain competition strategies including pricing, product differentiation, research and development, marketing and staff recruitment in the context of market structures and constraints
- Critically evaluate the role that managerial economics plays in business decision-making; recognise and select economic information relevant to particular business decisions
- Assess and report on real-world business problems within a systematic analytical economic framework
- Demonstrate a sound understanding of demand analysis, cost analysis and market strategy in particular with respect to problems of resource allocation in the firm, in an industry, and in an economy
- Exhibit an advanced level of awareness of the ethical and cultural aspects of managerial economics in business decision making
- Critically evaluate business strategies based on a sound understanding of managerial economics.
Please note, unit structure and content are subject to change. Contact your Excelsia Online student advisor on 1300 917 916 for more information based on your particular circumstances.