Economics: Foundations of Managerial Economics

2021/2022

Academic Year

ENG

Instruction in English

4

ECTS credits

Delivered at:

Магистерская программа "Международный бизнес", направление подготовки "Менеджмент"

Course type:

Compulsory course

When:

1 year, 1 module

Instructors

Zhukova, Alexandra

Kratko, Irina

Course Syllabus

Abstract

This course covers the topics, which are most important for economic analysis at the level of firm. They include consumer choice and demand for products, production, cost and supply of products, basic types of market structures, strategic behavior in the market, including pricing strategies and interactions, decisions under uncertainty and R&D decisions. We will see how the theory works on cases and by solving problems. Pre-requisites: International Relations, World Economy

Learning Objectives

• make the students familiar with economic analysis for business decisions
• introduce the fundamental concepts and tools of economic theory necessary for understanding the basic driving forces and effects in economy - how the environment works
• prepare to make well-founded economic decisions, such as to optimally allocate scarce resources at your disposal in order to maximize the resources you generate – to make best of what you have within the environment
• prepare for more advanced courses in international business

Expected Learning Outcomes

• improve skills of data search, analysis and its representation in terms of economics
• know fundamental concepts and tools of economic theory
• know main types of markets and their specifics
• know the economic theory of the firm

Course Contents

• Introduction: Terms, Assumptions, Managerial Economics and Economic Theory, basics of Finance.
• The Basics of Markets Demand Theory. Elasticity, Complements and Substitutes.
• Consumer Behavior and Rational Choice.
• Production and Cost. Theory of the Firm
• The Analysis of Costs.
• Market Structures: Perfect Competition
• Market Structures: Monopoly and Monopolistic Competition.
• Sophisticated Market Pricing. The Managerial Use of Price Discrimination. Bundling and Intra-firm Pricing.
• Oligopoly. Strategic interactions
• Risk and Innovations Uncertainty and Innovator's dilemma.

Assessment Elements

• Class participation
• Exam
• Quizzes
• Assignments

Interim Assessment

• 2021/2022 1st module
  0.26 * Assignments + 0.18 * Quizzes + 0.4 * Exam + 0.16 * Class participation

Bibliography

Recommended Core Bibliography

• Managerial Economics : A Problem-Solving Approach, Wilkinson, Nick. Cambridge University Press, 2005. ProQuest Ebook Central,
• Pindyck, R. S., & Rubinfeld, D. L. (2015). Microeconomics, Global Edition (Vol. Global edition, Eighth edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1419566
• Waschik, Robert, et al. Managerial Economics : A Strategic Approach, Routledge, 2010. ProQuest Ebook Central,

Recommended Additional Bibliography

• Webster, Thomas J.. Managerial Economics : Tools for Analyzing Business Strategy, Lexington Books, 2014. ProQuest Ebook Central,