Business Economics

Course Title Business EconomicsCourse Code ECO501Course Status CoreLevel MastersSemester & Year Semester 1 Year 1Pre-Requisite NoneCredit Hours 4 Credits

Contact Hours 69 Hours (48 hours of lecture, 21 hours of tutorial)

Notional Hours

160 HoursCourse Face to face

ILT TSLTL T PContent 40 21 63 124Quizzes 1 3 4Assignment 3 13 16Final Exam 4 12 16Total 48 21 91 160

Teaching-Learning Strategy Lecture and tutorial

Assessment System & Mark Distribution

Continuous Assessment Weightage (%)

Quiz (5 quizzes) 1050Assignment 10

Internal Examination 30Final semester exam

MCQ 2050SEQ 20

MEQ 10Total 100 100

Grading scaleA+ (85-100), A (80-84), A- (75-79), B+ (70-74), B (65-69), B-(60-64)C+ (57-59), C (53-56), C- (50-52), D+ (45-49), D (40-44), F < 39A student is deemed to have passed the module if the cumulative marks of the continuous assessment and the final exam is 50% and above.

Lecturer Mr. Suren Kadel

Course Learning ObjectiveThe course aims to introduce students to:-Managerial decision making revolves around attempts to optimize under conditions of risk or uncertainty and therefore, it stands to gain by the use of economic analysis. Hence, understanding and interpreting economic issues is a key management responsibility. Economics for managers is designed to provide a rigorous treatment of those aspects of economic theory and analysis that are most useful for managerial decision making.

Course Learning Outcome

At the end of the course, students should be able to:CLO 1: To develop a better understanding of Basic economics & the Optimization Techniques

CLO 2: To know about Demand theory

CLO 3: To equip students with thorough knowledge of Market Structure and Pricing practices Business Cycles& Inflation

CLO 4: To equip students with thorough knowledge of The Monetary system & The Economics of Exchange rates.

Course Synopsis

This paper mainly deals with the decision making problem under certain & uncertain situation.

ReferencesMacroeconomics for Managers, Wadsworth Publishing, 2006.Knut Anton Mork

Additional References

Managerial Economics in a Global Economy,; McGraw-Hill, 2006.Dominic Salvator,Managerial Economics, J.L. Pappas, E.F. Brigham and B. Shipley, Cassell, 2001.Managerial Economics and Organisational Architerture, J. A Brickley, C.W. Smith, and J. L.

Zimmerman, Irwin, 1997.

Course TitleFace to face

Non – Face – to Face ILT

L T P L T PCLO 1: To develop a better understanding of Basic economics & the

Optimization Techniques 2.1 Basic economics

Basic economics; Theory of the firm; The nature and function of profits2.2 Optimization Techniques

Total, average, and marginal concepts; Optimization analysis; Optimization with calculus; Constrained optimization; Cost theory and estimation; Production theory and estimation

6 2 8

CLO 2: To know about Demand theory The demand for a commodity; Price elasticity of demand; Income elasticity of demand; Cross - price elasticity of demand; Using elasticity’s in managerial decision making; Demand estimationDemand forecasting

6 4 10

CLO 3: To equip students with thorough knowledge of Market Structure & Pricing practice& Business Cycles & Inflation

3.1 Market StructurePerfect competition; Competition in the global economy; Monopoly; Monopolistic competition; Oligopoly and strategic behavior; Game theory; Pricing practices; Business cycles; GDP and GNP; The dating of business cycles; Business cycles in the international Economy; Inflation

14 7 17

CLO 4: To equip students with thorough knowledge of The Monetary system & The Economics of Exchange rates.4.1 Monetary systemReal money; Virtual money; The Bankers' Bank; Controlling the supply of money; Tools of monetary policy4.2 Economics of Exchange ratesThe international monetary system; The economics of floating exchange, rate purchasing power parity (PPP); The economics of fixed exchange rates

14 8 28

Assessment 6 28

Total contact hours 48 21 91Total Student Learning Time 160Total Credit Hours 4