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Unit Outline 2014Department/Centre: Department of Finance and BusinessUnit title: Managerial Economics
(Economics for Mangers)Unit reference code:
1: General Information1a Teaching period and year offered: Term II-2014 1b Credit point value: 15 Credit Points
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This Unit Outline must be read in conjunction with RIM Academic Policies, which sets out Institute policies and procedures, including information on matters such as
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1c Unit level: Post Graduate1d Name of Unit Convener and Course Coordinator and contact details (including telephone and email):
1e Administrative contact details (including name of the programme assistant location, telephone and email)
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Unit Convener:Phuntsho WangmoAssistant [email protected] No: 02-531014/351013
Course Coordinator - PGDFMNamgay DemAssistant LecturerEmail- [email protected] No: 02-531014/351013
Department of Finance and Business
Program Assistant:
Delma
Program Assistant
Email:[email protected]
Phone no: 02-351014/351013
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2: Academic Content
2a Unit description or syllabus
2b. Learning outcomes
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This course is designed to build a foundation on economics concepts and tools for management students at the PGDFM levels so that they can sue economics tools in analyzing managerial problems and making decisions thereof for the their firms and industries. This course provides an understanding of the economics forces that influence firm decision making. It will provide an introduction to basic principles in microeconomics and also demonstrate how economics theory can help in decision making.The course will offer an application of economics theory using both qualitative tools and techniques. Topics such as Demand/Supply analysis, production and cost analysis, problems of optimization, pricing policy, understanding markets and their strategies in production and price setting and behavior of firms under different markets structures use basic mathematical tools in analyzing and solving managerial problems. The course is mainly analytical in nature and focuses on clarifying fundamental concepts from a microeconomics viewpoint. The students are expected to study and analysis the dynamics of managerial decision making through this course.
On completion of this course, students will be equipped with following skills:
Student will understand the relative importance of managerial economics and know how the application of the application of the principle of managerial economics can aid in the achievement of business objectives.
Students will be able to apply economics tools to determine the most favorable alternatives in attaining the output, revenue and profit etc maximization and cost/loss minimization for their business firm.
The participants will be able to analyze different forms of market structure, their characteristics and output and price setting strategies.
Students will also gain a rigorous understanding of competitive market structures such as monopoly, Oligopoly and monopolistic competition.
The course attempts to build a strong theoretical foundation for management students.
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2c. Graduate attributes developed in the unit
2d. Prerequisites and/or co-requisites
3: Delivery of Unit and Timetable
3a Delivery mode
3b Timetable of learning activities
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The unit is expected to develop the following attributes among the graduates:
Discipline specific knowledge and capabilities- Knowledge appropriate to the level of study at par with the international standards
Creative, innovative end enterprising- critical and analytical thinking and judgment to create innovative solutions to challenges
Professional excellence- positive attitude towards work (working independently and in teams) and taking responsibilities for personal actions.
Leadership attributes –be able to manage, guide and make timely decision Integrity, honesty and ethical- act in accordance with the universal standards of
integrity, honesty and ethical attributes. Communication skills- using oral, written and interpersonal communication to inform,
motive and effect change. Digital literacy- using technologies to find, use and disseminate information
Not relevant
This unit will be delivered in 13 sessions of 3 hours each, spread over a term. The
pedagogy of the course will comprise of classroom lecturers, problem solving, case
studies and assignments.
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SeminarSession
Delivery Methods Required reading
Week 1 I. Some
Preliminaries
Managers, Profit and
Markets
Lecture Illustration/case discussion and problem solving
Chapter 1 by Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 2 Demand , Supply and
Market Equilibrium
Lecture Illustration/case discussion and problem solving
Chapter 2
Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 3 Marginal Analysis for
Optimal Decisions
Lecture Illustration/case discussion and problem solving
Chapter 3Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 4 II. Demand
Analysis
Theory of consumer
Behavior
Lecture Illustration/case discussion and problem solving
Chapters 5 Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 5 Elasticity and
Demand
Lecture Illustration/case discussion and problem solving
Chapters 6Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 6 III. Production and
Cost Analysis
Production and Cost
in the short run
Lecture Illustration/case discussion and problem solving
Chapter 8 Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 7 Production and cost in
the long run
Lecture Illustration/case discussion and problem solving
Chapter 9 &10 Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 8 IV. Profit Maximization in
LecturerIllustration/case discussion and
Chapter 11 Christopher R.Thomas, S.Charles Maurice,
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various Market structures
Managerial Decisions in Competitive Markets
problem solving Sumit Sarkar.
Chapter 10, H. Craig Petersen & W.Cris Lewis
Week 9 Managerial Decisions
for Firms with Market
Power -Monoploy
LecturerIllustration/case discussion and problem solving
Chapter 12 Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Chapter 10, H. Craig Petersen & W. Cris Lewis
Week 10
Market structure &
barriers to Entry-
oligopoly
LectureIllustration/case discussion and problem solving
Chapter 11 &12Christopher R.Thomas, S.Charles Maurice, Sumit Sarkar.
Week 11 V. Pricing
Practices/
decisions
Pricing of Multiple
products
LectureIllustration/case discussion and problem solving
Chapter 12Craig Petersen, W.H Cris Lewis
Week 12 Pricing
discrimination-
Necessary conditions
for types of price
discrimination
LectureIllustration/case discussion and problem solving
Chapter 12Craig Petersen, W.H Cris Lewis
Week 13 VI. Advance topic in Managerial Economics
Government Regulation of Business
LectureIllustration/case discussion and problem solving
Chapter 16
Christopher R. Thomas, S. Charles Maurice, Sumit Sarkar.
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3d Required Reading:
As given above under 3c
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4: Unit Resources 4a Lists of required texts/readings
4b Materials and equipment
4c Unit website 5: Assessment
5a Assessment overview
5a: Assessment Overview
5a Assessment overview
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Prescribed reading/teaching materials:
Core text:
Managerial Economics, Christopher R. Thomas, S. Charles Maurice & Sumit Sarker, 9 editions.
Supplementary Reading:
Managerial Economics, H.Craig Petersen, W. Cris Lewis, 4th edition
Essentials of Managerial Economics theory, applications and cases, I.C.Dhingra
,
In order to deliver the unit effectively, the following materials & equipment are required:
While Boards – 1NosLCD projector – 1 No.White Screen – 1 No.Computer (laptop/desktop) – 1 NoOverall , Handouts to be distributed one day ahead than the class.
As a part of the assessment for the unit, students will be assessed and evaluated base on a number of assessment methods such as case study discussion, pop quizzes, midterm exam and final exam.
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5b. Assessment item description including assessment criteria
5c. Due dates
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For this unit, following assessment methods will be used.
Assessment 1: pop quizzes: 10%
There will be a total of 6 pop quizzes spread over 13 weeks. The pop quizzes will be multiple
choice questions and will be for 30 minutes. Students will have to be ready for pop quizzes as it is
conducted on random basis. There will be no make up for pop quizzes.
Assessment 2:Mid-term class test-45%
As part of the assessment for this unit, there will be a mid-term class test during week7. The exam
will be 3 hours in length and take in class. The exam will cover all materials covered to that point.
This will be a closed book examination and will test on concepts, your application of knowledge to
case studies and on analyzing ability.
Assessment 3: Final Examination-45%
3 hour unseen written exam will be conducted at the end of the term. The final exam is scheduled
during the examination period. This will be a closed book examination and will test on concepts,
your application of knowledge to case studies and on analyzing ability.
Assessment Form/methods
Proportion of total marks
Due dates Penalties application for late submission
Date- work expected to be returned to student
Assessment 1: Pop Quizzes
10% RANDOM No makeup quiz
One week from the date of conduct
Assessment 2:Mid-Term Exam
45% Week 7 Failing to sit for test will be awarded zero*
Week 9
Assessment 3:Final Examination
45% Examination Week
Failing to sit for test will be awarded zero*
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5d. Weighting within the unit - to 100 per cent
5e. Identification of the learning outcome/s the assessment item addresses
5f. Identification of the graduate attributes the assessment item addresses
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Assessment Items Learning Outcomes (Refer 2b for details of outcomes)
Remarks
POP Quizzes 1,3,4 Students are asked to present holistic view of the chosen topic and therefore covers all the outcomes of the unit
Mid-Term Exam 1,2,3,4,5Final Exam 1,2,3,4,5
Assessment Items Graduates’ attributes (Refer 2c for details of graduates’ attributes)
Remarks
Pop Quizzes 1,3,4,5, Mid-Term Exam 1,2,3,4,5,6Final Examination 1,2,3,4,5,6
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5g. Special assessment requirements—if any
5h. Supplementary assessment criteria
5i. Requirements for academic integrity
5)j Text-matching software
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Not Applicable here
Not Applicable here
Students are expected to be well versed with the Academic Integrity Policy of the RIM and standing rules and regulations on Plagiarism.
Students have a responsibility to uphold ethical values on all matters.
Cheating, plagiarism, and falsification of data are dishonest practices that contravene academic values and professionalism.
Appropriate software or other means may be used for purposes of detecting plagiarism or unethical behavior among students.
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6: Student Responsibility
6a Workload
6b Special needs
6c Attendance requirements
6d Withdrawal
6e Required IT skills
6f Costs
6g Work Integrated Learning
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Students will be required to put in at least 150 hours over the 15-week semester or an average of 10 hours per week including the time spent in the classes and preparation for the unit including reading the required materials, cases, text books, journals, group discussions, data collection, etc.
Students who do not have adequate background in public administration/management will be required to spend more time than 150 hours for the unit.
Students with special needs due to disability or due to other circumstances should inform their Unit Convener well in advance so that appropriate arrangements can be made
Students are required to maintain 80% of attendance in the unit failing which they will not be allowed sit for the final examinations. Further, final marks will not be declared if the students do not meet the attendance requirement Withdrawal from the Unit will be governed by the Academic Rules and Regulations of the RIM
Students must possess basic IT skills including the skills to use Microsoft Office Word, Microsoft Office Excel, and Microsoft Powerpoint including the skills to use internet
All costs related to the scholarship of the course/unit will be borne by Royal Government of Bhutan except where specified. For example, student will be buy their own stationeries or pay for reproduction costs beyond a certain limit.
Not Applicable
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6h Additional information
7: Student Feedback
8: Authority of this Unit Outline
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As may be announced by the course coordinator and unit convener from time to time
All students enrolled in this unit will have an opportunity to provide anonymous feedback on the unit at the end of the Semester via the Unit Feedback Survey (USS).
This unit outline is prepared based on the:
Credit Policy Institutional teaching and learning policy Graduate Attributes Policy Academic Progress Policy Assessment Policy Course and Unit Specifications Policy
The contents of the Unit is also benchmarked with the similar Unit offered in the University of
Canberra, Australia (based on the validation exercise carried out during 2007/2008).
Changes in the contents of this Unit will be governed by the Academic Rules and Regulations of the RIM
