MANAGERIAL ECONOMICS ECONOMICS 608 Spring 2009 Monday 6:00- 8:50 PM Instructor Information: Instructor: Dr. Vereda Johnson Williams Office: 145 Merrick Hall Office Hours: Monday 4:00-6:00, Tuesday and Thursday 9:00-12:30 Office Telephone: 336-334-7188 ext. 2008 E-Mail: email@example.com Course Goals & Objectives: Managerial economics is concerned with resource allocation, strategic, and tactical decisions that are made by analysts, managers, and consultants in the private, public, and not-for-profit sectors of the economy. Managerial techniques seek to achieve the objectives of the organization in the most efficient manner while considering both explicit and implicit constraints on achieving the objectives. The major emphasis is to provide the analytical tools and managerial insights essential to the analysis and solution of those problems that have significant economic consequences, both for the firm and for society at large. Textbook: Managerial Economics: Applications, Strategy, and Tactics, McGuigan, Moyer, & Harris, 11th edition, South-Western. Class Email List: I will use the class email list that is available through Blackboard to make general announcements about course material or assignments, and/or to respond to questions of general interest. If you do not regularly use your official University email address, please make sure that you update your forwarding address on the University system so that email reaches you in a timely manner. Also, please make sure that your email mailbox is not "over quota" so that emails to you are not bounced back. Attendance: After the first class meeting, students are expected to read assignments in the textbook in advance. Students are expected to attend class regularly and to know the assigned material even if time does not permit discussion of it all in class. Also, students are responsible for any additional material that may be discussed in class (e.g., newspaper articles, case problems, exercises, etc.) that is not specified in the textbook assignments. Exams and Grading: There will be two scheduled exams including the final, 2 group presentations on problems, several homework assignments and a Microeconomic Research Project. Exams will generally consist of short-answer objective questions and analytical problems. Overall grades for this course will be determined based upon the following weights: Exam 1 Chapters 1-4 and 7 wt. = 20% Exam 2 Chapters 8, 10-12 (Final) wt. = 20% Group Problem Presentation 1 wt. = 10% Group Problem Presentation 2 wt. = 10% Microeconomic Research Project wt. = 25% Homework Problems wt. = 15% University policy prohibits giving extra credit or incomplete's for failing work. Economic Research Project: For your individual economic research project, you will select company. You will make use of learned microeconomic tools to analyze the company. You must familiarize yourself with the trading room and the software (FACTSET). You will receive more details regarding this project. The following are some general requirements regarding the project. Length: your paper should be 7-10 pages, excluding the title page and references. If the paper is double-spaced, it should be closer to 10 pages. You must use the Web and other sources, such as textbooks, journals, newspapers, and so on, for information. You must use at least five (5) sources, and at least one must be a Web source. The information in your textbook on your topic is only a starting point. Your paper must contain new information on the topic. This is a research paper, not a repeat of what is in the text. Your paper should be typed (make it pretty), with a title page, and you must use standard bibliographic form (use any style guide you like). Footnotes are required (you may use endnotes instead). If you are using someone else's thoughts, paraphrase them or put the words in quotes and give the author credit in a footnote or endnote. If you are caught plagiarizing, you will receive a zero for the paper. You might try signing up for and submitting your paper to Turnitin.com in order to see how easy it is for your teachers to catch plagiarism. Because effective communication is an important component of success in the business world, papers with poor grammar and spelling will lose credit. Also, late papers will be reduced by one letter grade. Graduate students enrolled in this course are expected to meet expectations beyond that of the undergraduate student. I am expecting the following from you: 1. Minimum page length 15 pages 2. At least 10 references 3. Statistical inferences and projections 4. Full documentation from the company’s 10k and annual reports 5. Advanced FACTSET Analysis and interpetations University Grade Change Policy: Once course grades are submitted, they are final and will not be changed except in cases of administrative error. Grades will not be changed by allowing the student to do additional work (e.g., retaking exams, redoing papers; submitting extra credit papers, reports, etc.) or by using criteria other than those applied to all students in the class. Missed Exams: Students will be granted an excused absence for a scheduled exam only if they contact me in advance or as soon as possible afterward and provide written documentation of the extenuating circumstances that necessitated absence from the exam. Extenuating circumstances are generally events beyond your direct control of an urgent nature. TENTATIVE OUTLINE: MANAGERIAL ECONOMICS* Class Meeting Jan 12 Chapter 1: Introduction Jan 26 Chapter 2: Fundamental Economic Concepts Suggested Problems: The selection of your company for the Microeconomic Economic Project including the Ticker Symbol is due. Feb 2 Chapter 3: Demand Analysis Suggested Problems: Feb 9 Trading Room Training Feb 16 Group Problem Presentations Feb 23 Chapter 4 Chapter 4: Estimation of Demand Suggested Problems Mar 2 Spring Break Mar 9 Chapter 7: Production Economics Suggested Problems Mar 16 Exam 1 Chapters 1-4 and 7 Mar 23 Chapter 8: Cost Analysis Suggested Problems Mar 30 Group Problem Presentations Chapter 10: Prices, Output, and Strategy: Pure and Monopolistic Competition Apr 6 Suggested Problems Microeconomic Research Project is due. Apr 13 Chapter 11: Price and Output Determination: Monopoly and Dominant Firms Suggested Problems Apr 20 Chapter 12: Price and Output Determination: Oligopoly Suggested Problems: Apr 27 Exam 2 Chapters 8, 10-12 (Final) * Note: This outline may be revised, as needed, during the academic semester. GENERAL INSTRUCTIONS FOR CLASS PROBLEMS RUBRIC: All class problems will be graded on a 10 point scale as follows: 10 = excellent, generally all but the most minor points are correct 9 = very good, but missed 1 or 2 minor points 8 = good, but missed at least 1 major point or several minor points 7 = marginally acceptable, but missed more than 1 major point, and/or numerous minor points 6 = poor, missed most of the major points or ideas There will be no make-up for missed problems. At the end of the term, an overall average for the problems will be calculated based on the total points earned for all problems divided by the total possible points. Interactive Quizzes: The textbook Internet site is at http://mcguigan.swcollege.com . Available on this site are interactive quizzes for each chapter which may be useful as you study.
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