IE2: Pricing and Decision Making

Code

BUSI2164

School

Nottingham University Business School

Level

2

Credits

20

Semesters

Spring Malaysia

Summary

The aim of the module is to introduce students to industrial economics. The module covers two broad topics (1) the traditional market models (monopoly, oligopoly, decisions under uncertainty) and (2) auctions.

Target Students

Available to all Part I and Part II students who have the required pre-requisites BUSI2163 Industrial Economics I: Economics of Organisation and Innovation.

Co-requisites

Modules you must take in the same academic year, or have taken in a previous year, to enrol in this module:

• IE1: Economics of Organisation and Innovation (BUSI2163)

Classes

• One 1-hour-30-minute tutorial each week for 4 weeks
• Two 1-hour-30-minute lectures each week for 11 weeks

Assessment

• 100% Exam (2-hour-30-minute): One 2.5-hour examination

Assessed by end of spring semester

Educational Aims

Learning Outcomes

Knowledge and understanding

This module develops a knowledge and understanding of:

• The development, access and operation of markets for resources, goods and services.
• A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange and the macroeconomics of employment, national income, the balance of payments, exchange rates, inflation, growth and money.
• Economic policy with an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
• Ability to apply core economic theory and economic reasoning to applied topics.
• The applications of economics. To discover how to apply relevant economic principles and reasoning to a variety of applied topics, in particular in the fields of industrial organisation and managerial economics.
• Understanding of distinctive economic theories, interpretations and modelling approaches, and their competent use.
• The applications of economics to design, guide and interpret commercial, economic, social and environmental policy.
• Mathematical methods for economics.
• Economic principles and tools addressing the microeconomic issues of decision and choice.
• Economic principles and tools addressing the microeconomic issues of the production and exchange of goods.
• Economic principles and tools addressing the microeconomic issues of the pricing and use of inputs.
• Economic principles and tools addressing the microeconomic issue of economic welfare.
• Economic policy at the microeconomic level showing an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.

Intellectual skills

This module develops:

• The ability to analyse facts and circumstances to determine the cause of a problem and identifying and selecting appropriate solutions.
• Conceptual and critical thinking, analysis, synthesis and evaluation.

Transferable (key) skills

This module develops:

• Subject-specific transferable skills including analysis and problem-framing.

Conveners

• Dr Tan Chee Meng