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Regular version of the site

Managerial Economics

2021/2022
Academic Year
ENG
Instruction in English
3
ECTS credits
Course type:
Compulsory course
When:
1 year, 1 module

Instructors


Redkina, Anastasiya


Trubnikov, Dmitrii

Course Syllabus

Abstract

The purpose of the course is to teach the students how to apply the principles and models of economic theory for making managerial decisions: 1) estimating and analysing demand, 2) cost analysis, 3) smart pricing (price discrimination, tying, bundling, non-linear pricing), 3) competing in various market structures, 4) making decisions about product quality and differentiation.
Learning Objectives

Learning Objectives

  • Learn the economic way of thinking (rational choice, optimal allocation of resources, models, etc.)
  • Learn various market structures (competition, monopoly, oligopoly): how the firms may compete and what is potential equilibriums. Implications fo strategic management.
  • Learn various strategies of pricing for better profit (price discrimination, bundling, tying, etc.)
  • Learn main types of costs and cost functions, and their application for decision making.
  • Learn various strategies of getting competitive advantage through quality differentiation, R&D and advertising.
Expected Learning Outcomes

Expected Learning Outcomes

  • Upon the course completion, the student is expected know how to estimate demand on the basis of available data
  • Upon the course completion, the student is expected know how to make decisions about product quality and degree of differentiation
  • Upon the course completion, the student is expected know how to make production and pricing decisions for various cost structures
  • Upon the course completion, the student is expected know how to find optimal distribution of resources, optimal prices and quantities
  • Upon the course completion, the student is expected know how to invest in R&D to maximize profit and create competitive advantage
  • Upon the course completion, the student is expected know how to make decisions about of price and quantity competition in various market structures
  • Upon the course completion, the student is expected know how to use advertising expenses to maximize profit
  • Upon the course completion, the student is expected know how to use marginal analysis in managerial decisions
  • Upon the course completion, the student is expected know how to use various techniques of smart pricing (price discrimination, tying, bundling, etc.)
Course Contents

Course Contents

  • Demand and Supply
  • Demand Estimation
  • Market Power and Profit Maximization
  • Price Discrimination
  • Smart Pricing
  • Costs
  • Perfect Competition
  • Oligopoly
Assessment Elements

Assessment Elements

  • non-blocking Test 1 - Demand and Supply. Profit Maximization. Price Discrimination.
  • non-blocking Test 2 - Smart Pricing. Costs
  • non-blocking Test 3 - Perfect Competition. Oligopoly
  • non-blocking Business Game - Competition
  • non-blocking Exam
Interim Assessment

Interim Assessment

  • 2021/2022 1st module
    0.07 * Business Game - Competition + 0.3 * Exam + 0.21 * Test 2 - Smart Pricing. Costs + 0.21 * Test 3 - Perfect Competition. Oligopoly + 0.21 * Test 1 - Demand and Supply. Profit Maximization. Price Discrimination.
Bibliography

Bibliography

Recommended Core Bibliography

  • Dawsey, A. E. (2014). ECNS 301.01: Intermediate Microeconomics with Calculus.

Recommended Additional Bibliography

  • O. M. Makoviei. (2018). Organization of Business Games as an Interactive Method of Teaching Foreign Languages to Students of Hei Aquiring Specialties Connected with the Transport Industry. https://doi.org/10.30977/АТ.2219-8342.2018.43.0.118