Master
2021/2022
Economics: Foundations of Managerial Economics
Type:
Compulsory course
Area of studies:
Management
Delivered by:
Магистерская программа "Международный бизнес", направление подготовки "Менеджмент"
Where:
School of Innovation and Entrepreneurship
When:
1 year, 1 module
Mode of studies:
offline
Open to:
students of one campus
Master’s programme:
International Business
Language:
English
ECTS credits:
4
Contact hours:
32
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.
Interim Assessment
- 2021/2022 1st module0.26 * 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,