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MGT6128: Managerial Economics

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MGT6128:
Managerial Economics

2020
-21
Introduction: Week 1

whole group tutorial
Module teaching staff
Me (Professor Anthony Glass)

A.J.Glass@sheffield.ac.uk

Office hours during term time:

Tuesday 10:00am
-noon (UK time)
Professor Don Webber

D.J.Webber@sheffield.ac.uk

Contact Don via email for his office

hour(s)
What is managerial economics?
Management economics is concerned with the

application of economic principles and

methodologies to business and management

decision
-making, in order to make the most
effective use of an
organisation’sscarce
resources
Two pillars of economics
Microeconomics: analyses the decisions of
individual consumers, firms & industries

related to buying, producing, & selling goods

& services

Macroeconomics: focuses on the overall level
of economic activity, inflation, unemployment

etc. by
analysingaggregate economic
behaviour
Module aims
Primarily focused on microeconomics but with

an appreciation of national policy setting and

governmental strategies, the module aims to

equip management students with the economic

literacy and skills that will enable them to make

optimal and economically efficient decisions

based on an understanding of the factors of

production, market forces and productivity
Module learning outcomes
On successful completion of this module students will:

Appreciate the need to understand the nature of the
market for different products & services;

Be able to apply economic theory to different business
situations;

Understand basic concepts of microeconomics
including supply, demand, price and income elasticities

and alternative market structures;

Understand basic concepts of macroeconomics
including trade, policy, the role of government and

growth.
Module content and whole group activities: 1st
half of module before Easter vacation

Introduction (week 1, live& interactivewhole group
Blackboard Collaborate tutorial
-AG)
Workings of competitive markets (week 1 recorded
lecture
-DW)
Consumers and demand (week 2, recorded lecture-DW)
Supply decisions in a perfectly competitive market (week
3, recorded lecture
-DW)
Price and output decisions in imperfectly competitive
markets (week 4, recorded lecture
-DW)
Business growth and strategy (week 5, recorded lecture-
DW)
Module content and whole group activities: 2nd
half of module after Easter vacation

Regulation and public policy (week 6, recorded lecture-AG)
Macroeconomic environment 1 (week 7, recorded lecture-
AG)

Macroeconomic environment 2 (week 8, recorded lecture-
AG)

International trade (week 9, recorded lecture-AG)
Review of module material relating to the assessed report,
assessment support and Q&A
(week 9, live& interactive
whole group Blackboard Collaborate tutorial
-AG)
Multinational firms & strategy in a global environment
(week 10, recorded lecture
-AG)
Short review of the module and of a broad case study /
analysis of a paper applying various components of the

module (week 10, live & interactive whole group

Blackboard Collaborate
tutorial-AG)
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