In the dynamic global economy, managers are increasingly faced with multifaceted problems where a working knowledge of economic principles can provide useful insights. This course develops economics skills and competencies for problem solving by offering experiential analysis of the challenges that managers face and by demonstrating how the application of economic principles informs managerial decision-making. Students are encouraged to use the insights provided by this course - with its emphasis on concepts of competitive advantage and the economics of strategy - to investigate how competitiveness is created in industries and firms. Students develop an understanding of microeconomic principles and their practical application, and use this knowledge to analyse various issues including the impacts of government regulation and policies and the production and pricing decisions within an international business environment.
Availability2019 Course Timetables
- Trimester 2 - 2019
- Trimester 1 - 2019 (Singapore)
On successful completion of the course students will be able to:
1. Demonstrate critical understanding of the assumptions, tools, theories, models and the language of microeconomics.
2. Identify recent developments in applied microeconomics, especially concepts about competitive advantage and strategy, and contemporary policy debates.
3. Apply the microeconomic concepts, theories and models to case studies.
4. Develop and present a critically reflective, well written case analysis.
5. Access and analyse on-line microeconomic data sources.
This course uses microeconomic principles in the study of the strategic behaviour of the firm. It integrates insights from consumer theory, theory of the firm, industrial organisation and strategy and uses applications and case studies to illustrate how the microeconomic principles apply to the real world. Concepts covered include: demand and revenue analysis; concepts of price elasticity and the dynamics of pricing rivalry; the theory of the firm; analysis of market structure; structure, conduct and performance (SCP) paradigm and industry analysis; economics of scale and scope; strategic behaviour and entry barriers; barriers to replication and cumulative causation in the economics of strategy, strategic positioning and competitive advantage; the sustainability of competitive advantage and "creative destruction"; the economics of decision-making under uncertainty and asymmetric information; and the economics of knowledge creation.The topics will vary from year to year but students can expect to develop skills in the following areas:
- Economic Decision Making
- Demand and Supply Analyses
- Theory of the Firm
- Market Power and Strategic Behaviour
- Asymmetric Information and Signalling
- Incentives and Compensation
- Technological Change and Innovation
- Globalisation, Government and Business
In Term Test: Mid-term Test
Report: Group Project
Essay: Individual Assignment
Formal Examination: Final Exam
Online and PSB Singapore
Face to Face On Campus 3 hour(s) per Week for Full Term