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2023/2024  BA-BSOCO2301U  Managerial Economics

English Title
Managerial Economics

Course information
Language English
Course ECTS 7.5 ECTS
Type Mandatory
Level Bachelor
Duration One Semester
Start time of the course Autumn
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for BSc in Business Administration and Sociology
Course coordinator
  • Marin Jovanovic - Department of Operations Management (OM)
Main academic disciplines
  • Managerial economics
  • Economics
Teaching methods
  • Blended learning
Last updated on 30-06-2023

Relevant links
Learning objectives
On successful completion of this course, the student will have acquired a basic understanding of economic theories seen from a managerial economics perspective, focusing on the individual organization.
The student should be able to:
  • account for business economic processes and assumptions within Managerial Economics,
  • account for rationality assumptions and optimising strategies at the level of the individual and the firm,
  • identify and delimit business economics problems, as well as relate them to business economics models and calculate possible solutions
  • apply the business economics method to solve business economics problems
  • extract a reasonable basis for decision-making as well as be able to conclude from the calculated results
  • participate in a discussion and interpretation of business economics model solutions
Examination
Managerial Economics:
Exam ECTS 7,5
Examination form Written sit-in exam on CBS' computers
Individual or group exam Individual exam
Assignment type Written assignment
Duration 4 hours
Grading scale 7-point grading scale
Examiner(s) Internal examiner and external examiner
Exam period Winter
Aids Limited aids, see the list below:
The student is allowed to bring
  • USB key for uploading of notes, books and compendiums in a non-executable format (no applications, application fragments, IT tools etc.)
  • Any calculator
  • In Paper format: Books (including translation dictionaries), compendiums and notes
The student will have access to
  • Advanced IT application package
Make-up exam/re-exam
Same examination form as the ordinary exam
The number of registered candidates for the make-up examination/re-take examination may warrant that it most appropriately be held as an oral examination. The programme office will inform the students if the make-up examination/re-take examination instead is held as an oral examination including a second examiner or external examiner.
Course content, structure and pedagogical approach

The student is given a basic introduction and understanding of the Managerial Economics subject area. Managerial Economics refers to the application of economic theory, data analysis and decision science to examine, how an organization can achieve its objectives most efficiently.

The application of economic theory and approaches in businesses is placed in a broader context during the course. This is both within a certain market structure and in a broader societal context, where various factors that affect organizations’ economics and their related decision-making are included.

Finishing the course, the students should be able to apply economic theory using the Managerial Economics method for decision-making in organizations. Emphasis is among other placed on the students' understanding of the Managerial Economics method and training in the application of economic theory, their selective use of data as well as the understanding of necessary assumptions that form the basis for a possible solution, interpretation and conclusion.

Thus, the course also emphasizes the use of data and in turn elevates the student’s analytical skills. In that way, the course also creates an emerging curiosity regarding the ambiguity and the limitations and possibilities of economic modelling.

During the course’s exercises, the students are encouraged to collaborate to support their own and fellow students’ learning.

Description of the teaching methods
Lectures, exercise classes, case-based teaching.
Selected lectures and selected exercises are online.
Feedback during the teaching period
Feedback takes several, complementary forms throughout the course.
First, individual teacher-to-student feedback is offered weekly in oral form during exercises sessions. Such feedback consists of both a brief evaluation of the weekly exercises, and a suggestion on what topics to review.

Second, written teacher-to-student feedback is offered bi-monthly via online, multiple choice quizzes. Such quizzes help students test their knowledge of relevant theories, in line with the learning objectives.

Third, oral feedback is offered to student groups during office hours, which consist of a 2 hours slot offered weekly by appointment (at least 24 hours notice).

Finally, student-to-teacher feedback takes the form of a mid and final course evaluation, where students have the possibility to suggest changes and raise relevant issues in order to improve the course.
Student workload
Lectures 32 hours
Preparation of lectures 75 hours
Exercises 32 hours
Preparation of exercises 32 hours
Exam preparation 35 hours
Expected literature

Eric Bentzen, Carsten Scheibye & Mark Hirschey: Managerial Economics,

16. Edition, Cengage Learning, 2022.

 
Last updated on 30-06-2023