Managerial Economics A

Description

Managerial Economics A is an introductory microeconomics course in the Bachelor of Business Administration. The aim of this course is to give students insight into how market economies function: what determines the price of a good and the quantities produced and consumed, how government policies and other external events affect prices and quantities, in which cases market outcomes are efficient and in which cases they are not. In this course, the following key objectives are (partially or fully) realized: Interprets and underpins behaviour of consumers based on economic concepts and theories. Describes and interprets the behaviour of consumers as a utility maximization problem. Using an economic framework, critically analyses the impact of various forms of government regulation on the most important market forms. Describes and analyses the different forms of non-market based government regulation (price regulation, output regulation) Describes and analyses the different forms of market based government intervention (taxes, subsidies) Analyzes the effects of government regulation in various  economic contexts (externalities, public goods, market concentration,  adjusting consumer- and producer behaviour). Defines, explains and uses, both graphically and model-based, macro- and micro-economic concepts. Calculates the market equilibrium, analyses changes in the market equilibrium and applies welfare analysis on an equilibrium outcome. Calculates and interprets the different forms of elasticities and uses them in the analysis of micro-economic problems. Describes the perspectives of economic science, uses them in a (business) economics context and reflects critically on them. Describes the different lines of approach of the economic science. Applies the different lines of approach of the economic science in a (business) economic context and interprets the resulting outcomes. The position of the course in the framework of the learning objectives of the programme can be found under the section “Objectives” of the “Bachelor of Business Administration (Brussels)”. ERS Objectives: - Can collect and assess information regarding societal challenges from an appropriate theoretical framework.(ERS worldview) - Can handle change in an economic and business context. (ERS worldview) - Gaining insight and reflecting on the interrelationship between societal challenges and (business) economics (ERS worldview)