Module code: BUS208
Module organiser: Professor Almudena Sevilla
Microeconomics for Managers applies microeconomics to problems confronting decision-making within firms, and covers how to tie and apply economic thinking to current events and policy debates that are relevant to businesses. The first topic concerns key aspects of the functioning of markets, including the role of prices, interdependence and elasticities, as well as market failures. The second topic examines some aspects of personnel and labour economics, including alternative ways of rewarding and motivating workers (e.g. salaries or piece rates). This topic also looks at advanced issues related to asymmetric information, CEO compensation, and corporate governance. The third topic considers the impact of non-competitive market structures, focusing on the case of oligopoly, and also some basic elements of game theory. This topic also covers pricing decisions, including quantity discounts and different types of market segmentation.