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HAS MAEC - Managerial Economics I* (Q2) - CLOSED FOR FURTHER ENROLLMENT

Faculty
Eric Bentzen, Kjeld Tyllesen, Michael Hedegaard og Kasper Teilmann
Course Coordinator
Eric Bentzen
Prerequisite/progression of the course
The students must document a level in English equal to TOEFL 575 and a level in mathematics equal to Danish level B.
Aim of the course
The objective of this course is to provide the student with a thorough understanding of microeconomics applied to the problem of managerial decision making. The first step in achieving this objective is to understand how to model economic behavior. For example, the student will learn how a factory manager chooses production inputs based on marginal productivity, prices, and various other economic variables. The student will learn to develop an economic model through the use of algebra and basic calculus. The student will gain a feel for the art of choosing assumptions to set up and solve a meaningful problem. The second step in achieving the objective is to build an understanding of the many economic problems. The student will examine economic problems in consumer theory, production, technology, cost analysis, profit analysis, market interactions.
Managerial Economics applies economic methods in the managerial decision-making process.
Course content, structure and teaching
The concept of the Firm, Demand theory, Production and Cost theory, Market structure and pricing.
Learning Objectives
After having followed the course the students should be able to:
  • Make decisions using economic theory
  • Describe and use simple microeconomic models
  • Explain the relationship between managerial economics, economic theory and decision science
  • Identify the main subject areas in managerial economics, and explain how they are related to each other
Type of examination, exam aids and assessment
Written 4 hours open book exam, graded by teacher and external examiner on the 7-grade scale. Electronic aids are not allowed.
Teaching methods
Lectures, workshops and exercises
Course literature
  • Dominick Salvatore,”Managerial Economics in a Global Economy, 6.edition, Oxford University Press © 2007.
Recommended literature
  • ME: Dominick Salvatore,”Managerial Economics (ME)”
  • Dominick Salvatore: Managerial Economics in A Global Economy, 6.edition, Thomson- South-Western College, © 2004. 672 pages incl. appendixes, glossary and indexes. Chapters: 8, 9, 10, 11, 13 and 14
  • (BF) Bjarke Fogh, “Pricing in Theory and Practice”, First edition, Handelshøjskolens Forlag 1994, ISBN 87-16-12229-7
  • Michael Hedegaard: Notes in Investment and Finance theory- available at site-scape during the course
Papers and supplentary readings part of the curriculum:
  • Srivastava, Anita: “Dynamic Pricing Models”. Ernst & Young, 2001
  • Cressman, George E., jr.: “Value based pricing saves the day”. The CEO refresher, 2002
  • Dolan, Robert J. and Moon, Youngme: ”Pricing and market making on theInternet”. Harvard Business School, rev. November 9, 2000
  • Tucker, Joanne M. and Massad, Victor J.: “Comparing bidding and pricing between in-person and online auctions”. Journal of product & Brand management 2000, vol. 9, nr. 5, pp. 325-332
  • Hof, Robert D.: “The E-bay Economy”. BusinessWeek.com, August 25, 2003
  • Troels Troelsen: Chap. VII: It projects & Risk Management, Note on Sitescape
  • Lecturing notes and workshops

Last updated by The Electives Office 25/06/2010