MGST 611: Managerial Economics – Course Syllabus and Study Guide

MGST 611: Managerial Economics

Course Overview

Managerial Economics is a core course for MBA students, focusing on the application of microeconomic models and analytical frameworks to managerial decision-making. The course equips future managers with tools to analyze business situations, understand market dynamics, and make effective business decisions.

• Emphasis: Microeconomic models, business decision-making, strategy, and operational frameworks.

• Pedagogical Approach: Case-based learning, established analytical frameworks (e.g., Backward Design, UBD).

Course Description

The course introduces economic models for business decision-making, including:

• Market structure analysis

• Pricing strategies

• Production and cost models

• Consumer and competitor behavior

• Quantitative analysis (e.g., regression analysis)

Real-world case studies and simulations are used to demonstrate the application of economic principles in business contexts.

Course Structure

• Delivery: Fully asynchronous, with optional live sessions and interactive modules.

• Support: TA support, online forums, and access to supplementary resources.

• Assessment: Open-book assignments and a final integrative project.

Role within the MBA Program

MGST 611 is a core requirement, providing foundational knowledge for advanced business courses. It is designed for students with diverse backgrounds and does not assume prior university-level economics training.

Course Level and Learning Outcomes

Competencies Developed

• Critical Thinking: Ability to deconstruct business problems, identify economic drivers, and evaluate solutions.

• Quantitative Analysis: Use of data and quantitative tools to estimate business relationships and inform evidence-based decisions.

• Strategic Impact: Application of economic reasoning to business strategy and policy.

• Personal Impact: Development of professional skills, including analytical reasoning and communication.

• Economic & Political Impact: Understanding the broader implications of business decisions on society and policy.

Learning Trajectory

• Students are expected to be comfortable with basic mathematics and statistics.

• Course content is designed to elevate analytical and professional reading comprehension skills.

Course Logistics

Course Code & Name	MGST 611: Managerial Economics
School	Haskayne School of Business
Semesters Offered	3 full Winter/Summer (to be confirmed)
Instructional Time	3 hours per week (for optional sessions)
Expected Learner Effort	10-12 hours per week
Modality	Fully Asynchronous, with optional live class meetings and support

Communication and Grading Policies

• Communication: Email and scheduled online meetings are preferred.

• Instructor Response SLA: 48 hours for most queries.

• Late Submission Policy: 15% penalty per day late, unless prior arrangement is made.

• Grading: Standard University of Calgary/Haskayne School of Business letter grade scheme.

• Assessment Format: Open-book assignments and a final integrative project.

Required and Supplemental Resources

• Textbook: Managerial Economics by Perloff and Brander (MyEconLab platform).

• Third-Party Tools: MobLab for interactive experiments and simulations.

• Open Educational Resources (OER): Curated articles, podcasts, and videos from reputable business and economic sources.

Learner Profile

Characteristic	Profile
Student Level	Graduate Students
Anticipated Age	24 and above
Enrollment Status	Full-time
Experience	3+ years
Geographic & Linguistic Diversity	~30% international students; English as a second language common
Cultural Context	Primarily American/Canadian, but no prior knowledge assumed

Learner Motivations and Mindset

• Students may feel anxious about quantitative material; supportive and carefully scaffolded instruction is provided.

• Motivation is enhanced by real-world case studies and tangible business problems.

Assumed Prior Knowledge and Skills

Domain	Skills/Knowledge	Description
Quantitative and Analytical Foundations	Numeracy & Algebra	Basic skills in fractions, percentages, solving linear equations.
	Functions & Graphs	Ability to read and interpret data and graphical information.
	Statistics Basics	Understanding of mean, median, standard deviation, and normal distribution.
Business & Technology Proficiency	Excel/Sheets	Comfort with formulas, absolute/relative referencing, charts, and tables.
	Technology Skills	Basic navigation of the LMS, using online resources, and searching library databases.
	Business Writing	Ability to structure clear presentations and create concise reports.
Academic and Critical Thinking Skills	Critical Thinking	Ability to identify assumptions, distinguish correlation from causation, and perform cost-benefit analysis.
	Information Synthesis & Academic Integrity	Ability to create executive summaries, integrate information, and adhere to academic standards.
Microeconomics or Macroeconomics	Introductory knowledge	No prior university-level economics required, but some exposure is helpful.

Key Topics and Concepts

1. Microeconomic Models for Business Decision-Making

Students will learn to apply microeconomic models to analyze business problems and make informed decisions.

• Demand and Supply Analysis: Understanding market equilibrium, shifts in demand and supply, and price determination.

• Elasticity: Measuring responsiveness of quantity demanded or supplied to changes in price or other factors.

• Cost Structures: Differentiating between fixed, variable, and total costs; understanding economies of scale.

• Market Structures: Analysis of perfect competition, monopoly, oligopoly, and monopolistic competition.

• Game Theory: Strategic interaction among firms, including concepts such as Nash equilibrium and backward induction.

2. Quantitative Analysis in Managerial Economics

Quantitative tools are essential for analyzing business data and making evidence-based decisions.

• Regression Analysis: Estimating relationships between variables to inform business strategy.

• Statistical Inference: Drawing conclusions from data using probability and hypothesis testing.

• Optimization: Maximizing or minimizing objective functions subject to constraints.

Key Formula Example:

• Linear Demand Function: $Q_d = a - bP$

• Profit Maximization: $\max_{Q} \; \pi(Q) = TR(Q) - TC(Q)$

• Elasticity of Demand: $E_d = \frac{\% \; \text{change in quantity demanded}}{\% \; \text{change in price}}$

3. Strategic and Policy Implications

Understanding the broader impact of business decisions on society, policy, and the economy.

• Externalities: Costs or benefits imposed on third parties not directly involved in a transaction.

• Government Regulation: The role of policy in correcting market failures and promoting efficiency.

• Ethical Decision-Making: Balancing profit motives with social responsibility.

Summary Table: Identified Skills Gaps Supported by Learning Modules

Skill Gap	Learning Module
Numeracy & Algebra	Quantitative Foundations
Functions & Graphs	Data Analysis & Interpretation
Statistics Basics	Statistical Analysis
Excel/Sheets Proficiency	Business Technology Applications

Additional info:

• This syllabus is designed for students with diverse backgrounds, including those with limited prior economics exposure.

• Emphasis is placed on real-world application, critical thinking, and quantitative analysis.