Economics for Managers Mcguigan Chapter 1 Solution by jec17839

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									                          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: kingvj@ncat.edu

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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