The emergence of managerial economics was the result of a close link between management and economics. Demand, profit, cost, and competition are all issues that demand an understanding of economics. In this sense, management economics is defined as economics related to "issues of choice" or possibilities, as well as the company budgeting process. Managerial economics is the study of how to apply economic concepts and analysis to the possibility of making sensible managerial decisions. In managerial economics, the most important element is economic analysis. ECON705 assessment answers A manager must gather and analyse economic data from the environment in which his or her company functions. In addition, to do commercial market research, the manager must undertake a complete statistical analysis.
This ECON705 assessment assignments is meant to give students an overview of intermediate economic concepts. Students must have a solid understanding of intermediate microeconomic theory after finishing this course. Several of the economics project's learning goals, such as critical thinking, problem-solving, and mathematical abilities, as well as communications, research, and technological skills, will be enhanced in this course. Students will learn intermediate theory, including how to build mathematical models, before moving on to applications. Several of the economic programs' learning objectives, such as critical thinking, solving problems, quantitative abilities, communication, research, and technology skills, will be enhanced by this course. This particular course is covered under the Master of Business Administration Degree in LSUS University.
The students who look to enrol in this course need to complete the unit of macroeconomics that includes ECON 705 Economic Analysis for Management. It is important for the students who seek to have a professional career in organizations where they want to provide their expertise and relevant services related to economics, management, and business decision-making. In the context of this demand and desire, the students must complete this unit that will significantly assist them in understanding the basic concepts related to the management of financial resources, and how economics plays a crucial role in organization administrative operations and strategic decision making. Throughout the subjects that this course unit will cover, the students will be able to learn and gain sufficient knowledge regarding the optimization approaches, techniques, and skills required by a manager for making effective managerial decisions. This ECON705 solutions covers the fundamentals of economic analysis as they apply to business production activities. The emphasis will be on production technologies, individual choice, and market-based systems for the students. The techniques' pragmatic uses are discussed. the most important topics that the students will gain knowledge from are mentioned below:
Cost and profits, appropriate techniques on how to analyse the competitors, and e=their economic conditions that will enhance their skills of building better business decisions.
The market-based systems, incorporating the techniques of price formation, how to enhance and improve efficiency and welfare.
Unit Details of ECON705 Assessment
Location: Baton Rouge, Louisiana
Study Level: Postgraduate
Unit Code: ECON705
Brief of ECON705 Assessment Assignments
The assessor will evaluate every student based upon two types of assignments. The first assessment will be based upon a Discussion Forum, and the second assignment will consist of two parts.
The Discussion Forum will be a group assignment where the students will be provided with a case scenario and groups will be divided to critically assess the given scenario. The students will submit their posts initially about what they think regarding the organization and after the submission, the assessor will divide the groups into two parts that are against and for. The students need to highlight their views and analytical thoughts within the discussion forum and the assessor will evaluate and allocate them the marks accordingly.
The second assignment will consist of two parts out of which the first assignment will be a simple assignment where the students need to submit the responses and answers to theoretical questions regarding the topic. All the theories, concepts, existing practices followed in organizations, principles will be covered in this assignment. Students need to write the answers such that the assessor can understand the fact that each one of them is clear with their basic understanding of economic analysis and why it is important in business administrations specifically for taking managerial decisions. ECON705 task answers The second part of the assignment will also be a case study-based assignment but the students need to produce certain recommendations and action plans for the selected organization. The students need to analyse the situation the organization is facing and then apply the theories, principles, critical evaluation to suggest action plans to enhance their economic analysis and management perspectives.
What is the Weightage of this ECON705 Course Code in Their Semester?
The entire course unit is a mandatory subject unit that every student needs to complete and the marks allocated for this unit is 40% out of the entire semester. The first assignment that is the Discussion Forum will consist of 10% marks, the theoretical assignment will be allocated with 5% marks and the rest 25% is entirely for the last assignment as that will enhance the skill and evaluation techniques related to economics for the students.
The course outcomes that the students will achieve if they perform all the activities required, complete all the relevant assignments, and attend all the lectures are mentioned below:
The students will be able to demonstrate how business administrative decisions and other managerial decisions in several organizations are influenced by the aspects of both microeconomics and macroeconomics.
The learners will prevail the ability to critically evaluate and analyze the interaction amongst the individual consumers and commercial activities taking place within an organization and amongst the other relevant companies acting upon the similar marketplace.
They will also learn how to apply the demand and supply model for solving real-world economic problems.
After completion of all the assignments of this course, the learners will know, and encouragement to analyze the influence of microeconomics and macroeconomic environments upon the individual organizations and industrial sectors.
Evaluation techniques and ability to critically assess the influence of foreign and domestic policymakers on the competitive strategies of managers and firms.