ECON 41900: Managerial Economics
Instructor: Dr. Amlan Mitra
Online Meeting: Blackboard (August 22, 2016 – December 17, 2016)
Office: Classroom Office Building, CLO 248
Office Hours: Mon/Wed: Noon-1:50 P.M.; and by appointment
UNIVERSITY CATALOG DESCRIPTION
A comprehensive treatment of economic theory and analysis applied to business decisions. Both qualitative techniques are applied to managerial decision making situations. Emphasis is placed on applications of economic concepts and processes to practical business situations.
Prerequisite: ECON 251, MGMT 225.
COURSE DESCRIPTION AND OVERALL GOAL
This is a distance learning course in Managerial Economics. It is designed to provide a solid foundation of economic understanding for use in managerial decision-making. The overall goal of this course is to guide students on the use of managerial economics tools and techniques in specific business settings. The course will offer a comprehensive treatment of economic theory and analysis, using both qualitative and quantitative tools and techniques (e.g. forecasting and estimation techniques) associated with the theory. Examples and problems discussed in the class will illustrate the application of economic thinking to a wide variety of practical situations. Students are recommended to actively participate in all assignments.
You are expected to be familiar with the basic concepts of microeconomics, basic algebra, differential calculus, and business statistics. While we will review almost all basic concepts in class, you may want to jump on any background topics that you may have found difficult to understand in the past. From differential calculus, you must be able to do simple derivatives. Look for review materials and exercises in the “Lecture Materials” of the Course Homepage.
REQUIRED TEXT BOOK
Publisher: McGraw-Hill Education; 8th Edition, 2014
CONNECT AND LEARNSMART
Use the access code to register for CONNECT by visiting the following link:
You should have full access to the following materials.
LearnSmart (SmartBook w/ Learning Resources: Mobile access to study tools like key terms, math review, self quizzes, and chapter summaries. Mobile access to chapter resources such as web buttons, student PowerPoint slides, and worked problems).
Wall Street Journal, Fortune, Business Week, Economist, Financial World, & similar publications.
|1||Apply market principles to analyze demand, supply and market outcomes;|
|2||pply estimation and forecasting techniques to find out what consumers want;|
|3||Apply production and cost estimation techniques to determine optimal courses of actions for managers.|
|4||Apply optimization principles to arrive at the best solution to a manager’s problem.|
ASSESSMENT OF LEARNING OBJECTIVES:
Completing assigned readings, quizzes, lab exercises, case studies, group presentations, term project, and a comprehensive final exam are the basic requirements to meet the five learning objectives. Each of these five learning objectives will be assessed in the following way:
|Learning Objective||Assessment Tools|
|1||Spreadsheet Assignment #1, Case Study 1|
|2||Spreadsheet Assignment #2, Case Study 2|
|3||Spreadsheet Assignment #3, Case Study 3|
|4||Spreadsheet Assignment #4, Case Study 4|
|5||Spreadsheet Assignment #5, Case Study 5.|
|Learning Objective||Learning Module||Title||Text Chapters|
|1||M1||Fundamentals of Managerial Economics||1|
|2||M2||Demand and Supply Analysis||2|
|3||M3||Quantitative Demand Analysis||3|
|4||M4||Behavior of Firms & Industry: Production & Costs||5, 6, 7, 11|
Completing assigned readings, scheduled quizzes, lab exercises, case studies, and a term paper are the basic requirements to meet our course objectives. Grading procedure: Plus minus grading system will be used for the course based on your overall points.
|Five Excel Spreadsheet Assignment:||250 (50 points each)|
|Five Case Studies:||100 points (20 points each)|
|Five Quizzes||100 points (20 points each)|
|Course Participation||50 points|
|A+: 485 – 500;||
A: 465 – 484;
A-: 450 – 464
|B+: 435 – 449;||
B: 415 – 434;
|B-: 400 – 414|
|C+: 385 – 399;||
C: 365 – 384;
|C-: 350 – 364|
|D+: 335 – 349;||
D: 315 – 334;
|D-: 300 – 314|
|F: Below 300|
Course Participation Grade up to 50 points is possible for completing all online assignments (including homework and discussion board assignments) according to the following criteria:
All satisfactory (S) assignments: 50 points. For each unsatisfactory (U) assignment 5 points will be deducted. So, if you receive 2 U’s you will get 40 points. If you receive 10 U’s you will receive a “zero” in course participation.
EXCEL SPREADSHEET ASSIGNMENTS
There will be five Excel Spreadsheet Assignments from the five learning modules. These assignments will be on solving managerial problems using the managerial economics concepts and quantitative business tools. The purpose of these assignments is to prepare you for the quizzes.
There will be five quizzes from the five learning modules. Each Excel Spreadsheet Assignment will be followed by a quiz.
There will be five case studies of involving managerial decision making in business firms and industries. You will be asked to examine each case study to identify and analyze the major managerial decision problems.
|Module & Name of Assignment:||Due Date|
|M1: Spreadsheet Assignment 1||Sunday midnight, September 4th|
|M1: Quiz 1||Wednesday midnight, September 7th|
|M1: Case Study 1||Friday midnight, September 9th|
|M2: Spreadsheet Assignment 2||Sunday midnight, September 25th|
|M2: Quiz 2||Wednesday midnight, September 28th|
|M2: Case Study 2||Friday midnight, September 30th|
|M3: Spreadsheet Assignment 3||Sunday midnight, October 16th|
|M3: Quiz 3||Wednesday midnight, October 19th|
|M3: Case Study 3||Friday midnight, October 21st|
|M4: Spreadsheet Assignment 4||Sunday midnight, October 30th|
|M4: Quiz 4||Wednesday midnight, November 2nd|
|M4: Case Study 4||Friday midnight, November 4th|
|M5: Spreadsheet Assignment 5||Sunday midnight, December 4th|
|M5: Quiz 5||Wednesday midnight, December 7th|
|M5: Case Study 5||Friday midnight, December 9th|
|OPTION TO SUBMIT ANY PREVIOUS REVISED ASSIGNMENTS||December 5th to December 11th|
A NOTE ON ACADEMIC HONESTY:
Honesty and integrity in academic and personal pursuits are hallmarks of higher education. By acting honestly and with integrity, students maintain and uphold their own reputations, and the reputation of both the School of Management and the University. The Students Handbook states that “the commitment of the acts of cheating, lying, stealing and deceit in any of their diverse forms (such as the use of ghost-written papers, use of substitutes for taking examinations, the use of illegal cribs, plagiarism, and copying during exams) is dishonest.” Also, aiding and abetting in committing dishonest acts is in itself dishonest. The penalty for any student(s) involved in any of such acts will range from an outright zero in the specific assignment the act was committed to a grade of “F” in the course.
STUDENTS WITH DISABILITIES:
In compliance with the Americans with Disabilities Act (ADA), all qualified students enrolled in this course are entitled to reasonable accommodations. It is the student’s responsibility to inform the instructor of any special needs before the end of the second week of class.
EMERGENCY PROCEDURE GUIDE: Please read the university emergency procedure guide.
CLASS MEETING SCHEDULE (SUBJECT TO CHANGE):
|Week||Date||Module & Topic||Chapter Readings|
|1||8/22 – 8/28||M1: Introduction to Managerial Economics Review of Graphs & Business Statistics||Ch. 1 & Lecture Materials|
|2||8/29 – 9/4||M1: Review (Continued)|
|3||9/6 – 9/11||M2: Demand Analysis||Ch. 2|
|4||9/12 – 9/18||M2: Supply Analysis||Ch. 2|
|5||9/19 – 9/25||M2: Market Analysis||Ch. 2|
|6||9/26 – 10/2||M3: Elasticity Analysis||Ch. 3|
|7||10/3 – 10/9||M3: Demand Estimation||Ch. 3|
|8||10/10 – 10/16||M3: Demand Estimation (Continued)||Ch. 3|
|9||10/17 – 10/23||M4: Production and Costs of Firms||Ch. 5|
|10||10/24 – 10/30||M4: Production and Costs of Firms (Continued)||Ch. 5|
|11||10/31 – 11/ 6||M4: Organization of the Firm||Ch. 6|
|12||11/ 7 – 11/13||M4: Nature of the Industry||Ch. 7|
|13||11/14 – 11/ 20||M4: Pricing Strategies||Ch. 11|
|14||11/21 – 11/ 27||M5: Optimization Techniques||Lecture Materials|
|15||11/28 – 12/ 4||M5: Optimization Techniques (Continued)||Lecture Materials|
|16||12/5 – 12/11||ANY REVISED ASSIGNMENTS DUE|