EC5204 Subject Outline 2015

Subject Outline
Subject Name: MANAGERIAL ECONOMICS

Subject Code: EC5204:03
Study Period: SP1, 2015
Study Mode: Internal
Campus: Townsville
Subject Coordinator: Sizhong Sun
This subject outline has been prepared by [insert your name] for the College of Business, Law and Governance,
Division of Tropical Environments and Societies, James Cook University. Updated 18 February 2015.
Q1. This subject is offered across more than one campus and/or mode and/or teaching
period within the one calendar year.
Yes
No
Q2. If yes [Q1], the design of all offerings of this subject ensure the same learning
outcomes and assessment types and weightings.
Yes
No
Q3. If no [Q2], _________________________ has authorised any variations, in terms of equivalence.
Copyright 2014
This publication is copyright. Apart from any fair dealing for the purpose of private study, research, criticism, or review as
permitted under the Copyright Act, no part may be reproduced by any process or placed in computer memory without written
permission.
College of Business, Law & Governance
EC5204:03
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Contents
Section 1. Subject at a Glance .............................................................................................................. 4

1.1 Staff contact details ........................................................................................................................ 4
1.2 Student participation requirements ................................................................................................. 4
1.3 Key dates ....................................................................................................................................... 4
Section 2. Subject Details ..................................................................................................................... 5
Welcome from the Subject Coordinator ................................................................................................ 5
2.1 Subject description ......................................................................................................................... 5
2.2 Subject and course learning outcomes........................................................................................... 5
2.3 Learning and teaching in this subject ............................................................................................. 6
2.4 Student feedback on subject .......................................................................................................... 7
2.5 Subject resources and special requirements .................................................................................. 7
Section 3. Assessment Details ............................................................................................................. 8
3.1 Requirements for completion of subject.......................................................................................... 8
3.2 Feedback on student learning ........................................................................................................ 8
3.3 Assessment Tasks ......................................................................................................................... 8
Section 4. Other Information about Assessment and Student Support .......................................... 11
4.1 Submission and return of assessment.......................................................................................... 11
4.2 Plagiarism and referencing ........................................................................................................... 12
4.3 Important advice relating to examinations .................................................................................... 12
4.4 Student support ............................................................................................................................ 12
Section 5. Subject Calendar................................................................................................................ 14
Section 6. Assessment Criteria Sheets .............................................................................................. 15
EC5204:03
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Section 1. Subject at a Glance

The following summary provides a quick reference to the most important aspects of this subject. Please ensure
that you have read the entire subject guide in full.
1.1 Staff contact details

The following staff members are responsible for the preparation or delivery of this subject. Please contact the
relevant staff member if you have any concerns during the study period.
Teaching team
Staff member
Campus
Subject Coordinator
Dr Sizhong Sun
TSV
Lecturer
Dr Sizhong Sun
TSV
Tutor
Dr Sizhong Sun
TSV
Phone
#
Email
478147
10
Sizhong.sun@jcu.edu.au
Room
DA27219
Consultation
times*
Monday 3-5pm
*Other consultation times by appointment only. # other contact modes Skype address
1.2 Student participation requirements

The JCU Learning, Teaching and Assessment Policy (4.3) indicates that, a 3 credit point subject will require a
130 hour work load of study-related participation (including class attendance) over the duration of the study
period, irrespective of mode of delivery. This work load comprises timetabled hours and other attendance
requirements, as well as personal study hours, including completion of assessment requirements. Note that
attendance at specified classes may be a mandatory requirement for satisfactory completion of some subjects
(Learning, Teaching and Assessment Policy, 5.9); and that additional hours may be required per week for those
students in need of English language, numeracy or other learning support.
Key subject activities
Time
Day/ Date
Room/
Location
Lecture
10:00 11:50am
Monday
Commences: 23
February, 2015
DA027-001
Tutorial
12:00 1:00pm
Monday
Commences: 2 March,
2015
DA027-007
For information on the days and times when lectures, tutorials, workshops, etc. are scheduled for all of your
subjects, visit JCU Lecture Timetables at http://www.jcu.edu.au/ttable/
1.3 Key dates

A summary of the assessable items for EC5204 is provided in the table below. Please read through the
assessment details presented later in this subject guide.
Item
Supervised
individual
assessment
Weight
Due Date
Census date
see 2015 Study Period and

Census Dates
Last date to withdraw without academic

penalty
see 2015 Study Period and

Census Dates
1. Mid-Semester Test
20%
See Section 5. Subject Calendar
2.1 Assignments : Part A, Project

Presentation
Internal students: to present in class;
External students: to record their
presentation, upload to Youtube, and email
the link in.
5%
2.2 Assignments : Part B, Project Written
10%
5PM Friday, 29 May 2015
EC5204:03
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Submission
Internal students: to submit in the assignment
box on Level 3 of DA27;
External students: to submit via email.
2.3 Assignments: Part C, Research Essay
Internal students: to submit in the assignment
box on Level 3 of DA27;
External students: to submit via email.
3. Final Exam
15%
5PM Friday, 5 June 2015
50%
Examination Period
You must obtain a final mark of at least 50% to pass the subject. Any student who does not achieve a pass in
the invigilated components may, in exceptional circumstances, be reviewed by the School Assessment
Committee.
Students who have completed less than 100% of the assessment will be subject to review by the School
Assessment Committee which could result in an overall fail.
Section 2. Subject Details

Welcome from the Subject Coordinator
Welcome to EC5204, Managerial Economics!
In the words of Adam Smith
People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in
a conspiracy against the public, or in some contrivance to raise prices.
It is hoped that this subject will offer plenty of time for merriment and diversion whilst also providing ample
opportunity to learn how best to either (a) conspire to raise prices; or (b) learn how to avoid being conspired
against!
2.1 Subject description

Managerial economics helps decision-makers use fundamental microeconomics concepts to improve their
decision-making process. It focuses on those aspects of theory which are immediately applicable to the practical
problems faced by decision-makers, both in the private and government sectors of an economy. Topics of
greatest interest and importance to decision-makers are addressed, such as demand, production, cost, market
structure, investment analysis, and decision making under conditions of risk and uncertainty. The subject is
tailored to students who (envision to) work at a position that requires advanced economics skills. This subject is
a core requirement for the graduate diploma and master in economics degree.
2.2 Subject and course learning outcomes

The following table shows the alignment between the learning outcomes at the course and subject level and
assessment. Students who successfully complete this subject will be able to:
Subject Learning Outcomes
Assessment
1. Demonstrate extensive familiarity with important concepts of demand,
Lectures, tutorials, projects, and

essay
production and cost theory and their relevance to decision making.
2. Develop advanced understanding of what constraints are imposed on

decision making within a firm and develop advanced skills to make use
of methods with which decisions can be made under conditions of risk
or uncertainty.

essay
learnt in this subject to broad real world situations.

essay
4.
Develop advanced understanding of what market structure is and how

the conduct of a firm is dependent upon that structure.

essay
5.
Develop critical awareness of techniques that can be applied to

evaluate investment decisions in both private and public sectors.

essay
3. Develop a comprehensive toolkit to apply the techniques and tools
EC5204:03
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Course Learning Outcomes
Assessment
Economic theory: Critically analyse economic theory from both

historical and recent perspectives
Mid-semester test, final exam,

project, essay
Sustainability: economic, social and environmental: Evaluate

sustainable economic, social and environmental practices and
value systems from different perspectives within a discipline and
between disciplines
Project
Critical thinking: Critically analyse contemporary economic policy

issues using appropriate models and make reasoned
recommendations based on an intra- and interdisciplinary synthesis
of theory and evidence
Mid-semester test, final exam,

essay, project
Creative thinking: Apply creative thinking effectively to economic

analysis and model building
Project
Oral communication: Present complex economic analyses and

information appropriately to differing audiences using effective oral
presentation skills
Project
Written communication: Present complex economic analyses and

information appropriately to differing audiences using clear and
fluent written communication
Essay, project
Economics and the Tropics: Appreciate characteristics specific to

the tropics which are relevant to economic decision making
Project
2.3 Learning and teaching in this subject

Economics cannot be remembered, it can only be understood.
This subject uses a combination of approaches to teaching and learning, including both student
centred and teacher directed approaches. The content of the subject is disseminated using a variety of
teaching strategies including workshops, group work, case studies, discussions, simulations, and
readings. At the beginning of each workshop, you will be made aware of the expected learning
outcomes, how such outcomes are relevant to the world of business, and the resources that support
the learning outcomes of this subject.
Lectures are designed to introduce you to basic concepts, principles, and theories of managerial
economics and demonstrate how they can be related to real-world situations.
Tutorials are designed to further consolidate and widen the knowledge you have learnt from the
lectures. In tutorials, various teaching-learning activities will be carried out. Typically, we will allocate
time to discuss any issues and questions you may have from your study.
It is important for you to realise that the formal teaching only forms a small part of the time required to
achieve the learning outcomes set for this subject, and that you need to allocate sufficient time to
study this subject on your own. You should not assume that attending lectures and tutorials is a
substitute for reading the text and other assigned references. Lectures and tutorials are mainly used to
highlight some key aspects of the subject and therefore extensive after-class reading and exercises
are very important.
You are expected to be an active participant in the learning process and are encouraged to participate
in workshops and undertake weekly readings.
Beyond the classroom, your learning experience will be greatly enhanced if you collaborate and share
ideas with other students. One easy way to achieve this is to form a study group with 2-3 other
students with similar needs and expectations. Your lecturer can assist with this.
EC5204:03
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Assignments and Home-study: Most important of all is to remember that you need to be an active
participant in the learning process you must do the learning yourself. Merely listening to the staff, or
reading the text will not alone lead to an understanding of the subject. You must DO IT. Hence the
importance of the assignments: they are not designed to simply test your understanding they
specifically aim to give students the opportunity to DO IT.
Life experiences, wider reading and material covered in other subjects: Economics is a real
world subject about real world problems things which are frequently discussed in the news, in
private businesses, in homes, and in government departments. Those who strive to relate material
discussed in class with other, every day experiences will be pleasantly surprised to discover how
relevant the material is to everyday life. They will also be pleasantly surprised to find out how much
easier it is to understand some of the issues and theories presented in this subject once that
relevance is noted.
2.4 Student feedback on subject
As part of our commitment at JCU to improving the quality of our courses and teaching, we regularly seek
feedback on your learning experiences. Student feedback informs evaluation of subject and teaching strengths
and areas that may need refinement or change. YourJCU Subject and Teaching Surveys provide a formal and
confidential method for you to provide feedback about your subjects and the staff members teaching within
them. These surveys are available to all students through LearnJCU. You will receive an email invitation when
the survey opens. We value your feedback and ask that you to provide considered feedback for each of your
subjects. Your feedback will be incorporated into teaching in the subsequent semester.
2.5 Subject resources and special requirements

Prescribed Texts
Keat, P. G., and Young, P. K., (2009), Managerial Economics, Global Edition (7e), Pearson Higher Ed
USA.
Further Reading
There are numerous other good quality textbooks on Managerial Economics. It is always a good idea to
read beyond the textbook.
Boyes, w. (2004), The New Managerial Economics, Houghton Miflin. Not a bad overview book, although a
little on the light side.
Brickley, J. A., Smith, C. W., and Zimmerman, J. L., (2004), Managerial Economics and Organizational
Architecture, 3rd Edition, McGrawHill. Huge breadth of topics, but little real detail good for those
interested in getting an overview.
Lipczynski, J., and Wilson, J., (2004), The Economics of Business Strategy, Pearson. Not a bad overview
book, although a little on the light side.
Mansfield, E., Allen, W. B., Doherty, N. A., and Weigelt, K., (2002), Managerial Economics Theory,
Applications and Cases, 5th Edition, Norton. Probably covers fewer topics than Keat and Young, but does
them in greater detail; good for students who like a mathematical approach.
Salvatore, D., (2004), Managerial Economics in a Global Economy, 5th Edition, Southwestern. Similar
content and similar level to Keat and Young although it can get a little more technical in parts (e.g., the
regression material is very detailed).
Samuelson, W. F., and Marks, S. G., (2003), Managerial Economics, 4th Edition, Wiley. A good all-round
text that covers similar material to Keat and Young; although ideas are not always as well explained, and
end-of chapter questions are very mathematical.
Online and Electronic Resources

The following electronic resources are relevant to this subject:
The Australian Business Section: http://www.theaustralian.com.au/business
The Economist: http://www.economist.com/
The following libguides available from the JCU Library website will provide details on referencing, plagiarism,
findings marketing books and journals
EC5204:03
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http://libguides.jcu.edu.au/referencing
http://libguides.jcu.edu.au/content.php?pid=63980&sid=472370
Learning & Writing Skills workshops and notes to assist with writing an essay; presentations etc
http://www.jcu.edu.au/learningskills/index.htm
Subject Website on LearnJCU
Access the subject website through LearnJCU at learnjcu.jcu.edu.au for lecture notes, quizzes, handouts,
assessment summaries and more!
Login using your JCU email username and password. The site for this subject is opened to all participants
enrolled in the subject at least seven days prior to the commencement of the subject. Browser requirements for
LearnJCU are provided on the opening webpage of LearnJCU.
Section 3. Assessment Details

3.1 Requirements for completion of subject
In order to pass this subject, you must:
You must obtain a final mark of at least 50% to pass the subject. In addition, the expectation is to
obtain at least an average of 50% over all invigilated components (supervised individual assessment)
within a subject to pass the subject overall. Any student who does not achieve a pass in the invigilated
components may, in exceptional circumstances, be reviewed by the School Assessment Committee.
Students who have completed less than 100% of the assessment will be subject to review by the
School Assessment Committee which could result in an overall fail.
It is important to be aware that assessment is always subject to final ratification following the examination
period and that no single result represents a final grade in a subject (Learning, Teaching and Assessment
Policy 5.21.). The moderation will preserve ranking of your results.
3.2 Feedback on student learning

You will get feedback after each assessment item is completed. You can also email to the lecturer to obtain an
ongoing feedback regarding your performance in this subject.
3.3 Assessment Tasks

ASSESSMENT TASK 1: Mid-semester test
Aligned course &
subject learning
outcomes
Subject Learning Outcomes: S1, S2, S3, S4, S5
Group or individual
individual
Weighting / Length
20%
Due date
ASSESSMENT TASK 1: DESCRIPTION

This test will be held during week 6, and will cover all material discussed up to week 6. The test will comprise
some multiple-choice questions, some short-answer questions, and some problems or short-essay-style
questions.
ASSESSMENT TASK 1: CRITERIA SHEET

To achieve the desired subject learning outcomes and course learning outcomes, students are expected to
obtain at least 50% of the full marks in the mid-semester test.
ASSESSMENT TASK 2: The Assignment

Aligned course &
subject learning
outcomes
EC5204:03
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Group or individual
individual
Weighting / Length
30% (5% for Project Presentation, 10% for Project Report, and 15% for Research Essay)
Project Presentation: See Section 5. Subject Calendar
Project Report: 5PM Friday, 29 May 2015
Research Essay: 5PM Friday, 5 June 2015
Due date
ASSESSMENT TASK 2: DESCRIPTION

Assessment Task 2 is composed of a project and a research essay. Details are as follows:
1. Project (15% in total)
Your job is to analyse the profitability (or lack thereof) of a new business which produces a
single (simple) product. You are expected to choose a business for your project. You may wish
to discuss the suitability of a business with your lecturer early in the semester. The project will
be assessed in two parts: a presentation and a written submission. Details are provided below.
Part A: The Presentation An Introduction to the industry and business (5%)
(10 minutes + 5 mins discussion)
The aim of this presentation is to get you started on your project. You are expected to provide
an overview of the business you have chosen to analyse by describing the type of business,
the customer base and the type of industry in which the business operates. The presentation
will be marked according to the criteria in the table below. The table will be used as a checklist,
so please ensure that you attempt to answer each section. The word attempt has been
highlighted deliberately. These presentations provide an opportunity for feedback - you are
NOT being assessed for correctness (that is done on the final written submission). If, for
example, you cannot work out how to define Q, then say so in your presentation - outlining a
number of options you have considered and/or describing a few of the difficulties you are
facing. You will not be marked down for getting it wrong, and with luck, someone from the
audience may be able to help you with the problem during the discussion period.
Each presentation should last no more than 10 minutes. Immediately afterwards, 5 minutes will
be allocated to a brief discussion of the issues raised within the presentation, therefore making
the total time allocated to each presentation equal to 15 minutes.
Part B: Analysis of the business (10%) Word limit: 2,500 Maximum.
After providing a brief background discussion of your business, you should select the type of
market model which most closely resembles the one that you will be operating in, carefully
explaining your reasons for selecting that model. You will then draw a set of short-run cost
curves relevant to your business/product. To do this, you will need to specify exactly what Q
measures; carefully defining the product, the unit of sale, and the period (for example, Q = the
number of single-serve ice-cream cones sold in a year). After having done that, you will need
to conduct a break-even analysis of the business across a range of plausible prices, using
other data to assess the likelihood of the business breaking even. Further details are provided
below.
Your written submission will be marked using the assessment feedback sheet in the next
section so PLEASE ENSURE YOU USE IT TO HELP PREPARE.
Production options
Costs depend upon production methods. Hence, before estimating costs, you will need to
consider a range of different production methods and decide which one to adopt. The theory
relevant to this focuses on isoquants/isocosts (Lectures 3 and 4). There is NO EXPECTATION
that you will be able to draw an exact diagram for your business, but you should (at the very
least) be able to talk about production options in general terms. You should, for example, be
able to talk about the degree to which the business can substitute one factor of production for
another, using that reasoning to draw inferences about whether your business isoquants are
likely to be flat or steep. In many cases, you will be able to comment about the relative price of
the factors of production (e.g., business operating in developing country where wages are
EC5204:03
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relatively low), using that analysis to draw inferences about whether the business should
optimally aim for a labour intensive or capital intensive method of production.
Costs
Having chosen a particular production method and scale of operations, it will be possible to
derive a set of short-run cost curves. To do this, you need to estimate (guesstimate?) the costs
of production at your chosen scale of operation over the relevant period. Once you distinguish
between those costs which are fixed and those which are variable, you will be able to draw a
set of SR cost curves (Lectures 3 - 5).
Break-even analysis (Lectures 1 - 6)

You should calculate several break-even points (at a range of plausible prices). You should
then use as much socio-demographic data as you can find to discuss the likelihood of breaking
even, making a loss, or making a profit. You should then comment on whether or not it is likely
that this situation will continue in the LONG RUN, given the assumptions made about the
structure of the market in which the business is operating.
Other Issues
You should pick one of the following topics and provide a brief discussion of the way in which
the ideas/concepts relate to your particular business.
Special pricing strategies for final and/or intermediate goods (Lecture 7, week 9)
Special pricing strategies for imperfect competition (Lecture 8, week 10)
Game Theory (Lecture 9, Week 11)
Capital Budgeting (Lecture 10, week 12)
Government Intervention/Regulation (Lecture 11, week 13)
The written submission will be marked according to the criteria on the schedule in the next
section.
2. Research Essay (15%)
The task: Australias home loan market since 1980
Background advice: The 1980s saw many significant deregulations to the Australian financial
market. Todays financial markets in Australia are almost completely free of direct regulation.
As a consequence of the deregulations, competition between all the financial intermediaries
has become ever strong. In recent years, the home loan market has become especially
competitive due to the entrance of many non-bank financial intermediaries. In this assignment,
you need to make use of the knowledge learnt in the market structure module to examine any
changes in the market structure of the Australian financial market with particular reference to
the home loan market. Your assignment may include the following parts.
A survey of major financial deregulations, particularly, those relevant to the home loan
market since 1980.
Describe any changes in the market structure of the Australian home loan market since
1980. You may wish to choose several key points of time to address in which kind of
market structure the home loan industry is, e.g., 1980 to start with, 2007 to finish, and
any other points of time in between. Discuss why you believe the home loan industry
was in that kind of market structure at that particular of point of time.
Enumerate some major methods used by home loan lenders in the most recent time to
compete with their rivals (a table may be used). Critically evaluate the methods used by
a financial intermediary of your own choice. Imagine your were, in 2007, the home loan
manager of that lender and think any other methods you would use and elaborate why
your methods would be appropriate.
EC5204:03
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To work on this assignment, you may find it useful to start with by reading some writings on
Financial Intermediaries and Financial Regulation, Deregulation, Innovation, and Prudential
Supervision from some other books or sources.
Home loan brochures, liftlets, and annul reports may be collected from home loan lenders.
Articles addressing home loan issues from newspapers such as the Australian Financial
Review, and sections on finance in other major newspapers, should be useful. Where possible,
you may also try to hold discussions with a home loan officer from any home loan lender.
Word limit: within 2000.
ASSESSMENT TASK 2: CRITERIA SHEET
See rubric on Section 6.
ASSESSMENT TASK 3: EXAMINATION

Aligned course &
subject learning
outcomes
Weighting / Length
50%
Date
In examination period
Duration
2 hours
see Special Consideration, Supplementary, Deferred and Special Examinations Requirements

<http://www.jcu.edu.au/student/assessmentexams/>
ASSESSMENT TASK 3: EXAMINATION DESCRIPTION

You will be required to complete a two-hour end of semester exam during the Universitys two-week exam
period. The University will determine the date and time of the final exam and will provide exam timetables
towards the end of the semester. The test format will be similar to that of the mid-semester test. That is, it will
comprise some multiple-choice questions, some short-answer questions, and some problems or short-essaystyle questions.
ASSESSMENT TASK 3: EXAMINATION CRITERIA

To pass the exam, you need to obtain at least 50% of the full mark.
Section 4. Other Information about Assessment and Student Support

4.1 Submission and return of assessment
The ability to adhere to deadlines is a highly desirable attribute that employers seek in our graduates. Right from
the beginning, new students should acquire the habit of meeting deadlines for their work, by organising their
study time appropriately. The following points apply to the submission of assessment
1. Extensions will be granted in cases of illness or personal issues (medical certificate/counsellors
statement required). It is at the discretion of the subject co-ordinator/lecturer that extensions will be
granted for inescapable, unexpected, documented work commitments (provide documentation). You
should contact your lecturer before the due date if you are likely to require an extension.
2. Where no prior extension has been approved, late submissions will incur a penalty of 5% per day or part
thereof. Weekends are treated as a single full day because university buildings are not usually
accessible of over the weekend to allow for submission. Assessment tasks will generally not be graded
after 14 days past the due date.
3. For internal students, assessment must be submitted in hard copy; for external students, assessment
must be emailed to the lecturer (see above for lecturers email address). Internal students may not email
or fax an assignment without prior approval from the Subject Coordinator/Lecturer.
Assessment items submitted in hard copy such as written assignment are to be submitted to the
assignment box located as follows:
Townsville: School of Business, Building 27, Level 3 at top of spiral stairs in subject labelled box.
EC5204:03
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Please ensure that you have attached the School of Business Assignment Coversheet and date stamped
your assignment with the date stamp. A copy of the cover sheet is available online at:
http://www.jcu.edu.au/business/public/groups/everyone/documents/learning_object/jcudev_014008.pdf
The assignment boxes will be cleared at 5.00pm each day and the date/time stamp on each assignment
will be checked. Any assignments received after the due date and time will be deemed to be "late" and will
not be collected until 5.00pm the following working day.
Please note that some lecturers may have specific assignment requirements and it is your responsibility to
check these with your lecturer.
4. The assessment will be returned with feedback in 21 days from the due date of the assessment.
4.2 Plagiarism and referencing

Plagiarism occurs when writers claim ownership of written words or ideas that are not their own. Plagiarism
is a form of cheating and any instances of plagiarism will be dealt with promptly according to University
procedures. Please see the JCU Student Academic Misconduct Requirements Policy
<http://www.jcu.edu.au/policy/student/rights/JCUDEV_005375.html>
Referencing is a systematic way of acknowledging the sources that you have used. Students should check out
the very helpful online resources relating to academic writing, referencing and avoiding plagiarism at:
Writing and Maths Skills Online http://www-public.jcu.edu.au/learningskills/resources/wsonline/index.htm

(In particular, the booklet Summarising, Paraphrasing & Avoiding Plagiarism is a very useful guide).
The Referencing Libguide <http://libguides.jcu.edu.au/referencing>
What is Plagiarism? <http://www.jcu.edu.au/student/assessmentexams/JCU_090850.html>
4.3 Important advice relating to examinations

If you experience difficulties or serious circumstances before or up to the day of your exam, which you
believe may affect your ability to sit the exam successfully or perform at your best, you can apply for special
consideration in the marking of your exam. Please see the JCU Special Consideration, Supplementary,
Deferred and Special Examinations Requirements <http://www.jcu.edu.au/student/assessmentexams/>
If you are unable to attend an exam at the scheduled time due to extenuating circumstances/circumstances
beyond your control, you may apply for a deferred exam. Deferred exams are granted in exceptional
circumstances such as severe medical conditions or family or personal trauma. For further information, visit
<http://www.jcu.edu.au/student/assessmentexams/JCU_096668.html>
4.4 Student support

James Cook University is committed to ensuring people with disabilities, injuries, illnesses or health conditions
are able to participate to the fullest possible extent in the educational programs offered by the University and all
other aspects of University life. Students with disabilities, injuries, illnesses or health conditions, who require
special arrangements or consideration, should contact AccessAbility Services (see table below).
Provide any additional campus-specific information relating to student support.
If you want further information regarding:
Visit the URL
AccessAbility Services
Accommodation
Careers and employment
Childcare
Counselling
Enrolment
Feedback and complaints
Fees and financial support
Inclusion and engagement
http://www.jcu.edu.au/disability/index.htm
www.jcu.edu.au/accommodation/
www.jcu.edu.au/careers/
http://www.jcu.edu.au/student/support/JCUPRD1_066650.html
www.jcu.edu.au/student/counselling/
http://www.jcu.edu.au/student/enrolment/index.htm
http://www.jcu.edu.au/student/complaints/index.htm
www.jcu.edu.au/student/Loans/studentloans/
http://www.jcu.edu.au/studentequity/
Indigenous student support
http://www.jcu.edu.au/austindigenousinfo/support/
Information for current students

International student support
Learning skills/ Language support
Library and computing services
Librarians College
Responsibilities and rights
www.jcu.edu.au/student/
http://www.jcu.edu.au/international/
http://www-public.jcu.edu.au/learningskills/
http://www-public.jcu.edu.au/libcomp/index.htm
http://www-public.jcu.edu.au/libcomp/library/contacts/liaison/index.htm
http://www.jcu.edu.au/student/responsibilities/index.htm
EC5204:03
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Review of Assessment and Student Access to

Scripts and Materials Policy
Special Consideration, Supplementary, Deferred
and Special Examinations Requirements
http://www.jcu.edu.au/student/assessmentexams/
Student Academic Misconduct Requirements
Student Policies
Student Association
http://www.jcu.edu.au/policy/student/
http://www.jcu.edu.au/studentassoc/
Students enrolled at JCUS, JCUB or BJUT should access support services provided on their campus.
EC5204:03
Page 13
Section 5. Subject Calendar

Week/
Date
1/
23 Feb
2/
2 Mar
3/
9 Mar
4/
16 Mar
5/
23 Mar
6/
30 Mar
7/
6 Apr
8/
13 Apr
9/
20 Apr
Topic
Readings
Related Assessment
Tutorial/Workshop
K & Y Chapters 1 3, 4
(without appendix)
Midterm test, Project, Final Exam
K & Y Chapter 5
Lecture 3: Production (abridged)
K & Y Chapter 6, pp. 179212
Lecture 4: Production (in more detail)
K & Y Appendix 6B
Lecture 5: The Theory of Costs
K & Y Chapter 7
K & Y Chapter 8 plus

Appendix 8B
Tutorial 1:
Chapter 3 probs 1, 2, 10
Chapter 4 probs 3, 7, 13, 18
Tutorial 2:
Tutorial 3:
Tutorial 4:
Tutorial 5:
Student Presentations
Lecture 1: Subject Introduction; Overview of

Managerial Economics; The Firm and its Goal;
Supply and Demand, Elasticity
Lecture 2: Demand Estimation and Forecasting
MID SEMESTER TEST

Lecture 6: Pricing and Output with Perfect
Competition and Monopoly
Lecture 7: Special Issues in Pricing
Cost-plus Pricing, Multi-product, Transfer, Revenue
Maximisation
K & Y Chapter 10, pp. 392416
Tutorial 6:
Chapter 8 probs 3, 4
Chapter 8 Appendix 8B prob 3
Tutorial 7:
Tutorial 8:
Chapter 10 prob 14
Tutorial 9:
Tutorial 10:
LECTURE RECESS
10/
4 May
11/
11 May
12/
18 May
13/
25 May
Lecture 8: Pricing and Output with Imperfect

Competition, Cartels, Price Leadership
K & Y Chapter 9, Chapter

10, pp. 385-391.
Lecture 9: Game Theory and Asymmetric

Information
K & Y Chapter 11
Lecture 10: Capital Budgeting and Decision

Making
K & Y Chapter 12, pp. 438

442, and 454 474.
Lecture 11: Subject Overview and Brief Note on

Trade Practices Act
K & Y Chapter 14 very

brief skim
The sequence of some topics may change due to availability of staff, resources or due to unforeseen circumstances. Additional materials may be distributed in class.
EC5204:03
Page 14
Section 6. Assessment Criteria Sheets

Your presentation will be marked using the assessment feedback sheet so PLEASE ENSURE YOU USE IT
TO HELP PREPARE.
Part A of Project (10%): Assessment Feedback Sheet
N
(a) Background
Information
about business
and customer
base
20%
Relevant
Lectures &
reading : Week 1
Suggested data
sources: ABS
(b) Background
Information
about
competitors
20%
Relevant
Lectures &
Reading :
Week 1
(c) Background
information on
Technology
CR
Clear identification of type of product what will (does)

the business produce, sell or supply?
Clear identification of region of operation and customer
base, that specifically addresses the following:
Where will the business operate?
Who/what type of person is most likely to want to
buy your product?
Roughly how many of these people live close to
your proposed business location?
Where will the customers make their purchases
(eg. shopfront, internet)?
Clear description of competitors, that specifically
addresses the following:
How many competitors do you have? (Ie. How
many other businesses are located near your
proposed location that sell a similar product?)
What are the relative sizes of these other
business?
How concentrated is the industry? (Where
possible, provide guesstimates of the 4-firm
concentration ratio, namely the sum of market
share of top four companies, to verify that)
How easy it is to enter/exit your industry (Consider
barriers like high fixed costs, legislation, etc)?
Is there much integration, R & D, advertising or
co-operation among businesses currently
operating in the industry?
What factors of production are you going to need?
20%
Relevant
Lectures : Weeks
3,4&5
Which of these are fixed, and which are variable?
(d) Consideration
of market model
and estimation of
demand/costs
30%
Relevant
Lectures : Weeks
1-5.
(e) Presentation
style 10%
Given the background information on the above topics;

Which market model best represents the industry in
which you will be operating?
How do you plan to define Q?
How do you plan to estimate/guesstimate demand for
Q? Can you foresee any problems?
How do you plan to estimate/guesstimate your costs?
What problems do you foresee?
Does your presentation exceed the time limit?
Do you interact with your audience?
How do you utilize technology (e.g. power point slides)
in presentation?
Other Notes:
Legibility:
If overheads or power point presentations are used, please ensure that:
The print-size is large enough for all to read, and
There are not more than 5-8 lines on each page.
Clarity of speech:
Try to avoid simply reading a prepared speech, and
Try to speak slowly remember, some students come from non-English speaking backgrounds.
EC5204:03
HD
Timing:
The ten-minute limit will be strictly imposed. Give yourself a few practice runs (in private) to check how long it will
take.
Part B of Project: Assessment Feedback Sheet

N
(a) Introduction &

Market Structure
20%
(b) Production
20%
(c) Costs, Demand and

Pricing/Profits/
Break-Even
30%
CR
Has the student clearly identified

- the type of good or service that the business
will produce, sell or supply?
- the region in which the business will operate?
- the type of customer that is likely to purchase
the good or service?
- other businesses that offer a similar good or
service to your target group of customers ?
Has a concerted attempt been made to gather
data on the industry structure?
Is the theory correct?
Is the choice of market structure justified?
Has a concerted effort been made to
guesstimate the shape of the products isoquants
and isocosts?
Do these guesstimates make sense?
Does the discussion demonstrate a solid
understanding of isoquants and isocosts?
COSTS:
Has a concerted attempt been made to identify
(realistic) fixed and variable costs?
Have opportunity costs been included?
Is the distinction between fixed and variable costs
appropriate?
Do the cost curves match the data?
BREAK-EVEN ANALYSIS:
Has a concerted attempt been made to gain data
on plausible prices for the break-even analysis
and on probable quantities which might be sold?
Are the calculations correct?
Do the predictions which have been made with
respect to future profits match the market model?
Overall quality of explanation
(d)Other Issues
20%
(e) Overall quality of

work (as an academic
piece of research)
10%
Are the issues which have been chosen relevant

to the particular business?
Are they discussed/applied in a manner which
demonstrates a solid understanding of the
underlying theory?
Do assumptions/conclusions made in one section
of the project fit with those made in other
sections of the project?
Has the student bothered to check spelling and
grammar?
Is the project presented professionally?
Has the project been well researched and
correctly referenced.
EC5204:03
HD

EC5204 Subject Outline 2015

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EC5204 Subject Outline 2015

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Subject Outline

Subject Name: MANAGERIAL ECONOMICS

Q3. If no [Q2], _________________________ has authorised any variations, in terms of equivalence.

College of Business, Law & Governance

Section 1. Subject at a Glance .............................................................................................................. 4

College of Business, Law & Governance

Section 1. Subject at a Glance

1.1 Staff contact details

1.2 Student participation requirements

Key subject activities

1.3 Key dates

see 2015 Study Period and

Last date to withdraw without academic

see 2015 Study Period and

See Section 5. Subject Calendar

2.1 Assignments : Part A, Project

See Section 5. Subject Calendar

2.2 Assignments : Part B, Project Written

5PM Friday, 29 May 2015

College of Business, Law & Governance

5PM Friday, 5 June 2015

Section 2. Subject Details

2.1 Subject description

2.2 Subject and course learning outcomes

Subject Learning Outcomes

1. Demonstrate extensive familiarity with important concepts of demand,

Lectures, tutorials, projects, and

production and cost theory and their relevance to decision making.

2. Develop advanced understanding of what constraints are imposed on

Lectures, tutorials, projects, and

learnt in this subject to broad real world situations.

Lectures, tutorials, projects, and

Develop advanced understanding of what market structure is and how

Lectures, tutorials, projects, and

Develop critical awareness of techniques that can be applied to

Lectures, tutorials, projects, and

3. Develop a comprehensive toolkit to apply the techniques and tools

College of Business, Law & Governance

Course Learning Outcomes

Economic theory: Critically analyse economic theory from both

Mid-semester test, final exam,

Sustainability: economic, social and environmental: Evaluate

Critical thinking: Critically analyse contemporary economic policy

Mid-semester test, final exam,

Creative thinking: Apply creative thinking effectively to economic

Oral communication: Present complex economic analyses and

Written communication: Present complex economic analyses and

Economics and the Tropics: Appreciate characteristics specific to

2.3 Learning and teaching in this subject

College of Business, Law & Governance

2.5 Subject resources and special requirements

Online and Electronic Resources

The Australian Business Section: http://www.theaustralian.com.au/business

The Economist: http://www.economist.com/

College of Business, Law & Governance

Section 3. Assessment Details

3.2 Feedback on student learning

3.3 Assessment Tasks

Subject Learning Outcomes: S1, S2, S3, S4, S5

See Section 5. Subject Calendar

ASSESSMENT TASK 1: DESCRIPTION

ASSESSMENT TASK 1: CRITERIA SHEET

ASSESSMENT TASK 2: The Assignment

Subject Learning Outcomes: S1, S2, S3, S4, S5