This module aims to provide an advanced understanding of market structure and develop essential tools for the economic analysis of business decisions. The module also develops problem-solving skills and the ability to critically appraise academic research within the module project.

Outline Of Syllabus

Semester 1: Analytical tools and techniques for business\ \ 1. Introduction to business tools and methods\ Basic statistics for business and finance: measures of distributional characteristics; measures of statistical association.\ \ 2. OLS regression\ Use of OLS to estimate linear relationships; use of OLS to estimate nonlinear relationships and trends; limitations to OLS regression.\ \ 3. Business forecasting\ Time-series models; assessing forecast accuracy; the use of economic leading indicators; evidence from firm-specific profit forecasts.\ \ 4. Optimisation\ Linear programming in economic optimisation.\ \ 5. Theory of games\ Pure strategy games and the Nash Equilibrium; limitations of pure strategy games; application of mixed strategy games to obtain a one-shot Nash Equilibrium.\ \ 6. Critical path analysis\ Application of critical path analysis to projects; the insights and limitations of this methodology\ \ \ Semester 2: Economic concepts for business\ \ 1. Introduction to business economics\ (a) Course objectives and scope;\ (b) Determinants of profit; economic analysis of demand and supply, market equilibrium, various types of elasticity, total revenue and costs\ \ 2. Market structure\ (a) The structure-conduct-performance paradigm (SCP) and an evaluation of its predictions\ (b) The resource-base-view of the firm (RBV) and persistence of profits (POP) methodology\ \ 3. Oligopoly\ (a) Models in which interdependence not recognised (Cournot)\ (b) Game theory and Nash equilibria\ \ 4. Pricing Strategies\ (a) Transfer pricing\ (b) Price discrimination and its desirability\ \ 5. Barriers to entry\ (a) Simple models involving price and minimum efficient scale\ (b) Game theoretic approaches\ (c) Government regulation\ \ 6. Models of non-price competition\ (a) Advertising and optimal advertising expenditure\ (b) Horizontal and vertical product differentiation\ \ 7. The market for corporate control\ (a) Criticisms of the neo-classical model\ (b) Behavioural theories of the firm and a review of the empirical evidence

Teaching Methods

Teaching Activities

Category	Activity	Number	Length	Student Hours	Comment
Scheduled Learning And Teaching Activities	Lecture	9	2:00	18:00	Semester 2: PiP lectures (2 hours per week for 9 weeks = 18 hours).
Scheduled Learning And Teaching Activities	Lecture	9	1:00	9:00	Semester 1: PiP lectures (1 hours per week for 9 weeks = 9 hours).
Structured Guided Learning	Lecture materials	1	1:00	1:00	Calculus primer in first week of Semester 1.
Guided Independent Study	Assessment preparation and completion	1	60:00	60:00	To complete formative and summative assessments.
Guided Independent Study	Directed research and reading	1	66:00	66:00	Includes component relating to project plus lecture topics.
Scheduled Learning And Teaching Activities	Small group teaching	6	1:00	6:00	3 x 1 hour in Sem 1; 3 x 1 hour in Sem 2.
Structured Guided Learning	Structured non-synchronous discussion	2	1:00	2:00	2 x 1 hr in Sem 1 to support S1 project.
Guided Independent Study	Independent study	1	38:00	38:00	Independent study.
Total	200:00

Teaching Rationale And Relationship

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams

Description	Length	Semester	When Set	Percentage	Comment
Written Examination	120	2	A	80	N/A

Other Assessment

Description	Semester	When Set	Percentage	Comment
Report	1	M	20	Group Project of 6000 words.

Formative Assessments

Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.

Description	Semester	When Set	Comment
Prob solv exercises	2	M	Opportunities for students to submit practice attempts at exam questions prior to Sem 2 exam

Assessment Rationale And Relationship

Lecture materials provide a framework for student centred learning and provide the appropriate vehicle for delivery of material that leads to the construction of a report (semester 1) and the individual written exam (semester 2).\ \ • The project develops problem-solving, IT and numeracy skills using real-world data. It also builds report-writing skills. \ • The exam in semester 2 requires students to engage critically with concepts from economics within a business decision-making framework.

Reading Lists

NBS8301's Reading List

Timetable

Timetable Website: www.ncl.ac.uk/timetable/
NBS8301's Timetable