Module content

An effective business executive is able to integrate accounting, economic, organizational, and marketing concepts into a single vision that accurately assesses a business environment and seamlessly develops an optimal business strategy. Without any one of these components, the executive’s vision is necessarily incomplete, offering a strategic advantage to other firms. This course is designed to introduce you to the economic viewpoint of managerial decisions. It is not designed as an alternative to other managerial views, but instead should be viewed as complementary. Among other topics, we will analyze the economic foundations of price setting, firm organization, business cycle and production optimization. You should not view this course as a “how-to” guide offering techniques to perform specific tasks. If effective business leadership could be distilled to this level, there would be significantly more Warren Buffett’s in the world. Instead, as in your other classes, we will present the foundations upon which your future insights, analysis, and intuition can be built. You will not leave this course as an economic expert, but hopefully you will leave this course with an economic understanding that will help you become a more effective executive. These learning outcomes support the goals listed at the end of this syllabus

Module title

Managerial Economics

Module status

Mandatory

Semester

1

ECTS

6

Number of hours:

60 [(L+E+S) = 40 + 0 + 20 ]

L= lectures; S= seminars; E= exercises;

Faculty

Module tag

09502

Literature:

Baye, Michael and Jeff Prince (2014): Managerial Economics and Business Strategy, 8th ed. McGraw-Hill/Irwin

Supplementary literature

1. Samuelson, W. F. and Marks, S. G. (2015): Managerial Economics. 8th edition. Wiley
2. Moss, D. (2007): A Concise Guide to Macroeconomics: What Managers, Executives, and Students Need to Know. Harvard Business Press.
3. Samuelson, P. and Nordhaus, W. (2009): Economics. 19th edition. McGraw-Hill/Irwin.
4. Stengel, D. (2011): Managerial Economics: Concepts and Principles. Business Expert Press