ECO201 Managerial Economics- SUSS Assignment Sample
Economics is an inescapable part of any business. Employing the concepts and theories in management studies and business practices is referred to as Managerial Economics. Managerial economics implies that all of the business conjectures, forecasting and investments are based on the concepts of economics. In order to educate the Singaporean undergrads about the role of economics in the managerial field, the top leading Singapore University of Social Sciences offers ECO201 Managerial Economics course.
For any business to get onto the competitive edge, it is essential to integrate the concept of managerial economics into its decision-making and future planning process. Several students wish to have their own business of something. For this, they need to learn the ECO201 Managerial Economics course with full concentration as well as do all the university assignments provided during the course.
Intent of ECO201 Managerial Economics Course
The main intent of introducing ECO201 Managerial Economics course to the students is to provide them with the economic knowledge and quantitative skills essential for making managerial decisions in different market structures. The SUSS ECO201 Managerial Economics course teaches the students about some major topics in microeconomics and industrial organization which are necessary for making day-to-day business decisions in order to maximize the profit along with strategic decisions geared towards creating and protecting profit in the long-run.
The course aims to train with the necessary skills of employing the basic managerial economic knowledge into the business and run the organization effectively in terms of making appropriate decisions and planning for the future. ECO201 SUSS course also focuses on upbringing the students with the knowledge of the factors that influence costs and revenues of firms. Besides, it also enlightens how to derive demand, production, and cost functions in the emergence of effective business strategies.
Introduction to Managerial Economics
Managerial economics is a stream popped out of the integration of economic theories and management studies together with business practices in order to ease the decision-making process and future planning.
It can be referred to as a branch of management studies which accentuates on decision- making and solving business problems accommodating the theories & principles of microeconomics and macroeconomics.
Simply put, managerial economics is a specialized stream which deals with an organization’s internal issues by means of different economic theories.
Framework of ECO201 Managerial Economics Course
The modular undergraduate course ECO201 Managerial Economics is taught in six study units in which it covers various topics related to economic concepts, employing principles of economics in business practices and enhance the effectiveness of the organization by appropriate decision-making & solving business problems which enable them to stand in the competition.
These are some core topics of the ECO201 Managerial Economics Course: –
- Introduction to Managerial Economics
- Demand and Supply Analysis
- Market Equilibrium
- Economic Efficiency
- Short Run Production Cost
- Cost of Production in the Long Run
- Competitive Markets and Economic Profit
- Perfect Competition
- Strategic Thinking and Game Theory
- Asymmetric Information
- Incentives and Organisation
Apart from all of the above-mentioned topics, there are other also other activities to do in the course. The ECO201 Managerial Economics course involves Pre-class quizzes, Tutor Marked Assignment, Group Based Assignment & other participation.
As managerial economics plays a vital role in business practices, in a similar way, all those activities also play an essential role in the course. In simple words, all those assignments, quizzes and participation carry total 50% weightage of marks in the final result of the course. And most importantly, the assignment will also consist of a sample of what you are learning in this course i.e. decision-making assignment.
In order to score well in the result, the students have to complete all the assignments on time with the best quality and uniqueness. As they are very busy with their busy routine, they do not find enough time to complete all those assignments & submit them by the deadline.
Why study ECO201 Managerial Economics Course?
Studying the ECO201 Managerial Economics course will be beneficial for the students as well as the practising managers too. This course provides the practical applications of the concepts and principles of microeconomics and macroeconomics theory learnt conceptually.
It enables one to make short-term as well as long-term decisions like-
- Which and what type of product or services should be produced?
- How can it be possible; How to produce them.
- What inputs and production techniques and strategies to apply?
- What should be the investment cost and how much should be the return of it?
- When to replace capital equipment?
- How to allocate a limited capital?
- What can be the best attributes- size, location for a new plant? etc.
Managerial economics comes up with management merged with strategic planning tool which one can effectively use to get the best prospect of the way how the world works at a large platform and what one can do to sustain the profitability in the evolving environment.
In addition to all of that, the managerial economic provide the decision-makers with a thought process about the changes and a context to analyse the consequences of strategic options.
Educational Outcomes of ECO201 Managerial Economics Course
SUSS ECO201 Managerial Economics course provides a lot of crucial knowledge and skills to the Singaporean students. It makes them efficient enough to run their business employing the managerial economics concepts effectively.
Eventually, these are some educational outcomes of the ECO201 Managerial Economics course: –
- Elucidate the managerial economics scope and its relevance in the business decision-making process
- Analyse the characteristics of managerial economics, as well as uses of managerial economics,
- Discuss the market establishment using demand and supply curves and factors affecting the demand & supply curve
- Evaluate price, income, and cross-price elasticities of demand
- Describe the relationship between total revenue of a firm & its product’s price elasticity of demand
- Calculate total cost, average total cost, total fixed cost, average fixed cost, the total variable cost, marginal cost, and average variable cost and fabricate the cost curves
- Observe the characteristics of perfect competition
- Review characteristics of imperfect competition: oligopoly, monopoly, & monopolistic competition
- Distinguish the different decision-making processes involving multiple pricing, multiple plants, multiple products & entry barriers
- Display the crucial knowledge and interpersonal skills in a teamwork
- Give presentations related to Managerial Economics
Besides all those superb learning outcomes, the students also need to finish the ECO201 SUSS assignments to get good scores in their mark sheet.
Even though all the topics and concepts are explained in a well-mannered way, but still due to lack of time and tiredness, they are incapable of finishing the SUSS ECO201 assignments. Hence, they need an academic writing help service which can provide them with best assignments at reasonable rates.
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Students will get a variety of assignments which they need to submit by the pre-set deadline. As they get exhausted due to the entire day of lectures and practices, they face many problems like- how to complete my homework? Who will write my assignment? I can pay to write an essay. Can anyone do my assignment for me? etc.
Such situations faced by students make them stressed and they tend to cheat the assignment from somewhere which results in the arrival of plagiarism and they get low marks in the TMA and GBA.
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Frequently Asked Questions
Q1. What type of problems can a decision-maker confront?
Ans. Problems the decision-makers/ leaders might look to solve include: –
- Selection or development of products
- Decide product output and pricing
- Creating an internet strategy
- Organizational design
- Strategies for Promotions
- Hiring and training of Worker
- Investment and financing
Q2. Which areas in a business decision making are most commonly taken care of to apply managerial economics techniques?
Ans. Almost every type of business decision can be taken using managerial economics techniques but it is generally applied to: –
- Demand analysis & forecasting
- Cost & production analysis
- Inventory management
- The prising decision, policies and practices
- Profit management
- Capital management
Q3. Can you also provide managerial economics ppt?
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