Managerial Economics
This course will teach students how to make decisions regarding price, production, investments and various other economic parameters by using different mathematical tools. The course consists of theory of consumer behavior, theory of firm, investment, capital formation and input-out model. A study of the various ways in which microeconomic principles and quantitative tools can be used to help managers in making sound decisions. Topics include forecasting consumer demand, production and cost analysis, optimal pricing and production decisions, optimal hiring and investment decisions, and capital budgeting. The main objective of this course is to teach students how to use some advanced mathematical techniques for economic analysis. Students will learn how to apply an appropriate mathematical procedure/tool to solve an economic problem and how to perform proper mathematical analysis. They will be taught how, in terms of economics, business firms make decisions on price, output, investment and related matters and some of the consequences of such decisions. The course provides a unifying theme of managerial decision making around the theory of the firm. It examines the process whereby a firm can reach optimal managerial decisions in the face of constraints in today’s dynamic market. It covers a variety of topics such as demand analysis, estimation and forecasting, market structure, production and cost analysis, pricing practices, economic optimization, a game theory as a decision tool, uncertainty, and risk analysis. The teaching & learning practices of the course combine the analyses of theoretical concepts with the discussion of case studies in order to also assist students to develop their skills and competencies to design and implement various business strategies that address the environmental challenges and optimization problems.
| Course Code: | 2O24IME |
|---|---|
| Status: | C |
| Semester: | 9th |
| Teaching load: | 2+2 |
| ECTS: | 5 |
| Teachers: |
Зоран Боровић,
PhD Associate Professor Матеа Златковић Радаковић, PhD Associate Professor |
| Prerequisites (if any): | No |
| Learning outcomes: | Upon the completion of this course, the students should be able to:
|
| Teaching content or topics: | The Fundamentals of Managerial Economics. Market Forces: Demand and Supply. Quantitative Demand Analysis..The Theory of Individual Behavior.The Production Process and Costs. The Organization of the Firm. The Nature of Industry. Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets. Basic Oligopoly Models. Game Theory: Inside Oligopoly. Pricing Strategies for Firms with Market Power. The Economics of Information. Risk, Incentives and Uncertainty. |
| Teaching methods: | This course will be delivered by means of lectures and case studies workshops. Theoretical issues will be introduced during the lectures, which in turn will constitute the basis for the case studies workshops and classroom discussions. Handouts indicating detailed learning outcomes and content of the lectures and case studies workshops as well as recommended reading will be distributed during the lectures. The studies workshops will focus on developing conceptual, managerial and analytical skills through practical activities to be conducted online and offline.
|
| Reading list: | Compulsory and recommended, in alphabetic order: Additional reading, in alphabetic order: |
| Assessment: | Class participation (0-10 points); Essay or test (0-30 points); Final exam (0-50 points); Discussion contribution in class (0-10 points) |
| Additional comments: | - |