Master
2021/2022
Managerial Economics
Type:
Compulsory course (Arts and Culture Management)
Area of studies:
Management
Delivered by:
Department of Management
When:
1 year, 1 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Master’s programme:
Art and Culture Management
Language:
English
ECTS credits:
3
Contact hours:
24
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
- 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
- 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
- Demand and Supply
- Demand Estimation
- Market Power and Profit Maximization
- Price Discrimination
- Smart Pricing
- Costs
- Perfect Competition
- Oligopoly
Assessment Elements
- Test 1 - Demand and Supply. Profit Maximization. Price Discrimination.
- Test 2 - Smart Pricing. Costs
- Test 3 - Perfect Competition. Oligopoly
- Business Game - Competition
- Exam
Interim Assessment
- 2021/2022 1st module0.07 * 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
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