By the end of the sub-module a student should understand and be able to work with the following:
How competitive markets work and the microeconomic analysis of market demand elasticities as an integral element in planning a firm’s marketing mix ; the economic concept of opportunity cost and the application of the principle in developing a clear picture of the true costs of various aspects of business activity ; the process of rational investment project appraisal and in particular of the accurate calculation of opportunity costs as an input to rational decision-making ; the main economic theories of market structure and interaction and of the arguments surrounding the optimality or otherwise of different market structures, e.g. perfect competition v. monopoly.
The major objective of this short course is to enable the student to learn, summarize and interpret data and so to make more effective decisions. By participating in the class and completing a series of exercises and by harnessing the power of modern IT software you will be able to master the basics of effective data analysis at managerial level.