Clear, practical notes for ACC2002: Managerial and Business Economics (Newcastle University). See how the final examination is structured and what question styles to expect, with guidance on how marks are typically awarded. Inside you’ll find sample exam papers with fully worked solutions and step-by-step explanations, plus focused tips for exam day. Updated to reflect the latest module requirements, this self-study pack targets examinable material and helps you practise effectively.

Aims:

To introduce students to economic issues and decision-making tools, relating to major topics like demand analysis and estimation, production and cost functions, and decision making with differing market structures.

Outline Of Syllabus:
 

CONSUMPTION & DEMAND
- Axioms of traditional consumer theory
- Quantitative demand analysis
- Indifference curves, consumption decisions and demand

PRODUCTION, COSTS & SUPPLY
- Economic analysis of production
- Cost functions
- The organization of the firm

MARKET STRUCTURE & PERFORMANCE OUTCOMES
- Monopoly, price discrimination and welfare
- Monopolistic competition
- Models of Oligopoly: Cournot; Stackelberg; The kinked demand curve
- Game theory
     
MARKET STRUCTURE, FIRM STRATEGY & PERFORMANCE
- Empirical evidence on SCP paradigm and concentration - profitability
- Resource based view of the Firm
- Persistance of profit
     
ANALYSIS OF FIRM STRATEGY
- Product differentiation
- Advertising
- Barriers to entry

THEORIES OF THE FIRM
- Neoclassical
- Behavioural
- Transaction-costs perspectives