Managerial Economics refers to the application of economic theory and the tools of decision science to examine how an organisation can achieve its aims or objectives most efficiently.
Management decision problem arise in any organisations when they seek to achieve some objectives subject to some constraints. For e.g. A Telecommunication Company may seek to provide its service to as many customers as possible at the lowest possible cost. A hotel may seek to rent its room to the maximum tourists with limitations on its physical resources and budget. A university may aim to provide education to as many students as possible subject to the physical and financial constraints it faces.
Application of economic analysis to business decision-making & organisation: basic economic tools, business objectives, demand analysis; pricing policies & competitive strategies, cost & production analysis, market structure, decision-making under uncertainty, capital budgeting & investment analysis.
After successfully completing this course you should be able to:
- Apply decision and game theoretic models to management decisions.
- Understand and incorporate knowledge from empirical economic studies.
- Research and synthesise information to create new knowledge.
- Critically evaluate economic advice.
- Write professional company reports.
- Work collaboratively with others in a large unorganised group towards a common objective.
- Consumer decision making
- Demand estimation
- Managerial decision making
- Firm boundaries
- Competition and market structure
- Personnel Economics
- Organisational Structure
- Information Economy
- Economics of advertising
- Investment and innovation
- Data science, research, and insights
- https://course-profiles.uq.edu.au/student_section_loader/summary/98697 University of Queensland: ECON3430 - Managerial Economics