731348 Managerial economics

Type
Lecture and exercise
Semester hours
2
Lecturer (assistant)
Hacek, Marion , Kohrs, Marie
Organisation
Offered in
Wintersemester 2024/25
Languages of instruction
Englisch
Content

This course enables students to understand firms' behaviour in the marketplace, using theories from neoclassical economics. Essentially, Managerial Economics is microeconomic theory applied to the firm. In the course we will therefore model different market structures (competitive, monopoly, monopolistically competitive, oligopoly), firm cost structures, pricing strategies, government regulation, and more.

Participating in the course will equip you with an in-depth understanding of neoclassical microeconomic thoery, different market structures, and their outcomes on prices, etc. This is helpful for any managerial decision maker, but also for anyone wanting to understand markets with market power.

We will cover the following topics:
- consumer theory and the demand function
- production functions
- firm cost structures and the supply function
- firm organization and describing an industry
- market structures: competition, monopoly, monopolictic competition
- market structures: Oligopoly
- pricing strategies
- public interest and government regulation

.
Previous knowledge expected

Introductory economics. Students must pass a refresher self-assessment quiz before being allowed to participate in the course! (see BOKUlearn)
Objective (expected results of study and acquired competences)

After successful completion of the course, students can...
• ... explain the neoclassical economic concepts and models covered in the course in their own
words.
• ... mathematically and graphically solve exercises that illustrate the application of the
concepts and models covered in the course.
• ... therefore, apply standard neoclassical microeconomic concepts and models to topics
relevant for firm managers (i.e., the topics covered in the course).
• ... illustrate the topics discussed in the course by means of real-world examples from popular
media.
• ... use the indicators of market structure and firm conduct covered in the course
You can find more details like the schedule or information about exams on the course-page in BOKUonline.