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Circular Flow Chart

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COURSE: MANAGERIAL ECONOMICS: COH 723
Programme; MSc Health Services planning and Management
Department; Community Health
Lecturer; J Kwaku Agyemang 1. Course Description
Managerial Economics is concerned with resources allocation, decisions that are made by managers in both private and public sections (private business, private NGO’s and public sector) of the economy. The course emphasizes the application of economic principles and methodologies to decision-making process of business firms operating under conditions of risk and uncertainty.
Managerial Economics, thus, uses concepts, models and analytical techniques of economics to study and analyse the operations of businesses and the type of problems managers face. Hence it provides important conceptual insights for gaining a better understanding of business environment and for making of quality business decisions with minimal trial and errors.
2. Objectives: 2.1 To provide participants with a much clearer view of the applicability and relevance of economics to decision making within business firms. 2.2 To develop students’ knowledge of applied economics 2.3 To develop students’ analytical skills to a higher level. 2.4 To enhance students’ insight into the operation of business and the nature of problems managers face.
3. Course coverage * Introduction of students to Managerial Economics and the use of models and other analytical concepts in decision making process. * Introduction to the concept of risk and uncertainty and adjustment of decisions to reflect decision maker’s attitude towards risk. * Behaviour of consumers and demand side of the firm and demand estimation and forecasting. * Strategic decisions that managers have to make – eg pricing strategies, production decisions, product quality and designs, advertising and promotion

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