Undergraduate Course: Business Economics (BUST08005)
Course Outline
| School | Business School |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 8 (Year 2 Undergraduate) |
Availability | Available to all students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | This course gives students an understanding of economic principles which enable managers to make optimal decisions and also makes students aware of some government policies which affect the decisions managers can make. The course encourages students to develop a critical and evaluative approach to the principles they are taught. |
| Course description |
The course is divided into topics. Firstly we consider the objectives of owners and managers. Secondly we consider demand and forecasting followed by cost theory and measurement. Then we put these two topics together and consider pricing policy with a particular interest in the interactions between firms. Next we consider pricing and other behaviour which is constrained by government competition policy. We then turn to another managerial policy: advertising decisions and then consider a very common problem: markets where the buyer or seller has different information compared with the other. Finally we look at the implications of being part of a network (e.g. a mobile telephone network).
Outline Content
1. Demand Analysis and Estimation
2. Productivity and Efficiency Analysis
3. Market Structure, Conduct and Performance
4. Pricing with Market Power
5. Introduction to Game Theory
6. Oligopoly
7. Asymmetric Information
8. Network Economies
Student Learning Experience
The lectures will outline the economic principles with case examples. The tutorials will give students the opportunity to apply the principles to particular cases. The coursework essay will give students the opportunity either to apply economic principles to a particular case or to businesses in general.
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Information for Visiting Students
| Pre-requisites | Visiting students must have at least 1 introductory level Business Studies course at grade B or above for entry to this course. We will only consider University/College level courses. |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2024/25, Available to all students (SV1)
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Quota: None |
| Course Start |
Semester 1 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
200
(
Lecture Hours 20,
Seminar/Tutorial Hours 8,
Summative Assessment Hours 2,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
166 )
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| Assessment (Further Info) |
Written Exam
0 %,
Coursework
100 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
50% Essay (Individual) - 2,000 words - Assesses course Learning Outcome 1
50% Essay (Individual) - 2,000 words - Assesses course Learning Outcome 2 |
| Feedback |
Formative: Feedback will be provided throughout the course.
Summative: Feedback will be provided on the assessments withn agreed deadlines. |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Apply economic concepts for the quantitative analysis of demand, pricing, productivity or efficiency as well as the qualitative understanding of market structure and its implications on firm performance.
- Formalise and solve decision-making problems related to profit or value maximization in competitive contexts, as well as achieve a qualitative understanding of how network effects and asymmetric information affect market outcomes and business decision-making.
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Reading List
Recommended to buy: M R Baye Managerial Economics and Business Strategy, McGraw Hill, 7th ed., 2010.
Additional reading: H. Davies & P. L. Lam Managerial Economics, 3rd ed. Prentice Hall, 2001.
I Png & D Lehman, Managerial Economics, 3rd ed., Blackwell, 2007, would be useful.
Other suggested reading:
W D Reekie & J N Crook, Managerial Economics, 4th ed., Prentice Hall, 1994.
D Besanko, D Dranove, S Schaefer and M Shanley, Economics of Strategy, John Wiley and Sons, 6th ed., 2013.
T. Jones Business Economics and Managerial Decision Making, John Wiley & Sons, 2004.
J Buckley, C Smith & J Zimmerman, Managerial Economics and Organizational Architecture, McGraw-Hill, 5th International Edition, 2009
P G Keat & P Young Managerial Economics, Pearson, 2009.
M Moschandreas, Business Economics, Business Press, 2000.
G.A. Petrochilos Managerial Economics, Palgrave, 2004
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Additional Information
| Graduate Attributes and Skills |
Communication, ICT, and Numeracy Skills
After completing this course, students should be able to:
Convey meaning and message through a wide range of communication tools, including digital technology and social media; to understand how to use these tools to communicate in ways that sustain positive and responsible relationships.
Critically evaluate and present digital and other sources, research methods, data and information; discern their limitations, accuracy, validity, reliability and suitability; and apply responsibly in a wide variety of organisational contexts.
Cognitive Skills
After completing this course, students should be able to:
Be self-motivated; curious; show initiative; set, achieve and surpass goals; as well as demonstrating adaptability, capable of handling complexity and ambiguity, with a willingness to learn; as well as being able to demonstrate the use digital and other tools to carry out tasks effectively, productively, and with attention to
quality.
Knowledge and Understanding
After completing this course, students should be able to:
Demonstrate a thorough knowledge and understanding of contemporary organisational disciplines; comprehend the role of business within the contemporary world; and critically evaluate and synthesise primary and secondary research and sources of evidence in order to make, and present, well informed and transparent organisation-related decisions, which have a positive global impact.
Identify, define and analyse theoretical and applied business and management problems, and develop approaches, informed by an understanding of appropriate quantitative and/or qualitative techniques, to explore
and solve them responsibly.
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| Keywords | Business Economics |
Contacts
| Course organiser | Dr Augusto Voltes-Dorta
Tel: (0131 6)51 5546
Email: Augusto.Voltes-Dorta@ed.ac.uk |
Course secretary | Ms Morgan Wilson
Tel:
Email: mwilso26@ed.ac.uk |
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