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MBA 603 – Managerial Economics Basic Information Course Title: Managerial Economics Code: MBA 603 Hours: Lecture: 3 Credit Hours: 3 Academic Year / Level: Year: 1 Term: 1 1 - C o u r s e D e s c r i p t i o n a n d O v e r a l l O b j e c t i v e s : Managerial Economics is the use of economic theory and mathematical and statistical techniques in order to examine how a firm can make optimal managerial decisions given the constraints it faces. The main objective of this course is to equip students with the necessary theory and techniques and the ability to apply them in order to inform and enhance managerial decision making. Topics covered include: goals of the firm, optimization techniques, demand theory and estimation, forecasting and measurement, theory of production and estimation, cost theory and estimation, pricing and output determination under different market structures, game theory, and pricing in practice. Course Objectives: A. Use Economic tools to explain the optimal allocation of resources within the firm. B. Use the tools of economic theory to explain optimal production and pricing decisions by the firm in each market structure C. Apply regression analysis, estimation and forecasting, and game theory to guide managerial decision-making. 2 - I n t e n d e d L e a r n i n g O u t c o m e s o f t h e C o u r s e ( I L O s ) : (A) Through knowledge and understanding, students will be able to: (K1) Define the economics way of thinking. (K2) Define the main economic tools and theories available for decision- making policies to stabilize and stimulate the economy. (K3) Distinguish between the different market structures and pricing practices available to and used by firms. (B) Through intellectual skills, students will be able to: (I1) Critically assess and describe the environment and the main determinants of demand and competition facing the firm. (I2) Use the tools of economic theory to explain optimal production and pricing decisions by the firm in each market structure. (I3) Appraise some of the current and emerging issues in managerial economics at the national and international levels. (C) Through professional and practical skills, students will be able to: (P1) Use the tools of marginal analysis to explain the optimal allocation of resources within the firm. (P2) Use the tools of estimation and forecasting to support decision-making. (P3) Use game theory to define the optimal course of action a firm can take when dealing with competitors. (D) Through general and transferable skills, students will be able to: (G1) Develop analytical skills related to economic theories in business contexts. (G2) Develop business stimulation ability. (G3) Formulate and apply the right economic tools for business decision- making. 3 - C o u r s e O u t l i n e : Week Number 1: Introduction: What is Economics? Week Number 2: The Firm and Its Goals Week Number 3: Supply and Demand Week Number 4: Demand Elasticity Week Number 5: Demand Estimation and Forecasting Week Number 6: Continue: Demand Estimation and Forecasting Week Number 7: First Assessment (Lecture will continue after the assessment) Week Number 8: The Theory and Estimation of Production Week Number 9: The Theory and Estimation of Cost Week Number 10: Pricing and Output Decisions: Perfect Competition and Monopoly Week Number 11: Pricing and Output Decisions: Monopolistic Competition and Oligopoly Week Number 12: Second Assessment (Lecture will continue after the assessment) Week Number 13: Special Pricing Practices Week Number 14: Game Theory Week Number 15: Managerial Economics in Action Week Number 16: Final Examination 4 - T e a c h i n g a n d L e a r n i n g M e t h o d s : The class will meet one a week for lecture. Some exercises will be solved in class and case studies covering the lectures will be analyzed. Students are expected to present a case analysis in class. Required facilities: Overhead Projector and Data Show. 5 - S t u d e n t A s s e s s m e n t M e t h o d s , S c h e d u l e a n d Grading: Assessment Start Submit Weight No. Type Week Week % No. No. 1 First Assessment 1 7 30 2 Second Assessment 8 12 30 3 Final Examination 16 40 Total 100 6 - L i s t o f R e f e r e n c e s : (a) Course Notes: Notes will be distributed to the students throughout the semester (b) Essential Books: Keat, P., Young, P.K. and Erfle, S., Managerial Economics, 7th Edition, Prentice Hall, 2013. (c) Recommended Books: Salvatore, D., Managerial Economics: Principles and Worldwide Applications, 7th Edition, Oxford University Press, 2011. (d) General References: Emerald Database through iConnect.bau.edu.lb
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