BHM 303 MANAGERIAL ECONOMICS

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BHM 303 MANAGERIAL ECONOMICS

NATIONAL OPEN UNIVERSITY OF NIGERIACOURSE CODE : BUM 303COI RSE TITLE: MANAGERIAL ECONOMICS1MANAGERIAL ECONOMICS(THE COI RSE GUDE)THE NEEDManagerial E

BHM 303 MANAGERIAL ECONOMICS Economics as a course required for effective resource management was put in place due to the following developments in the global business environment

:(a)Growing complexity of business decision-making processes.(b)Increasing need for the use of economic logic, concept, theories, and tools of economi BHM 303 MANAGERIAL ECONOMICS

c analysis in the process of decision-making.(c)Rapid increases in the demand for professionally trained managerial manpower.These developments have m

BHM 303 MANAGERIAL ECONOMICS

ade it necessary that every manager aspiring for good leadership and achievement of organizational objectives be equipped with relevant economic princ

NATIONAL OPEN UNIVERSITY OF NIGERIACOURSE CODE : BUM 303COI RSE TITLE: MANAGERIAL ECONOMICS1MANAGERIAL ECONOMICS(THE COI RSE GUDE)THE NEEDManagerial E

BHM 303 MANAGERIAL ECONOMICS e such gap.THE COI RSE OBJECTIVESOn completion of the requirements of this course, students and managers alike will be expected to:1Understand the rel

ative importance of Managerial Economics:2Know how the application of the principles of managerial economies can aid in the achievement of business ob BHM 303 MANAGERIAL ECONOMICS

jectives;3Understand the modern managerial decision Riles and optimization techniques;4Be equipped with tools necessary in the analysis of consumer be

BHM 303 MANAGERIAL ECONOMICS

haviours, as well as in forecasting product demand;5Be equipped with the tools for analyzing production and costs;6Understand and be able to apply lat

NATIONAL OPEN UNIVERSITY OF NIGERIACOURSE CODE : BUM 303COI RSE TITLE: MANAGERIAL ECONOMICS1MANAGERIAL ECONOMICS(THE COI RSE GUDE)THE NEEDManagerial E

BHM 303 MANAGERIAL ECONOMICS es. In a nutshell the course contents are as follows:MODULE Ỉ: Basic Principles in the Application of Managerial Economics1.1Introduction(a)Definition

of Managerial Economics(b)Economic Analysis and Business Decisions(c)Scope of Managerial Economics(d)Managerial Economics and Gap between Theory and BHM 303 MANAGERIAL ECONOMICS

Practice(c)1.2Objectives of a Business Firm1Meaning and lheories of Profit2Profit maximization as a Business Objective3Sales, Growth Rate, and Maximis

BHM 303 MANAGERIAL ECONOMICS

ation of Utility function as business objectives4Long-Run Survival, Market Shares, and Entry Prevention1.3Constrained Optimisation(a)The Substitution

NATIONAL OPEN UNIVERSITY OF NIGERIACOURSE CODE : BUM 303COI RSE TITLE: MANAGERIAL ECONOMICS1MANAGERIAL ECONOMICS(THE COI RSE GUDE)THE NEEDManagerial E