ECON 415 Managerial Economics. Dr. Gary Stone Winthrop University. Spring
2008 MW 2:00-3:15 Thurmond 101. Office: 305 Thurmond. Office Hours: MW 1:00
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ECON 415 Managerial Economics Dr. Gary Stone Winthrop University Spring 2008 MW 2:00-3:15 Thurmond 101 Office: 305 Thurmond Phone: Office: 323-2235 e-mail:
[email protected]
Office Hours: MW 1:00 - 2:00 PM T 5:45 - 6:30 PM TWR 8:45 – 11:00 AM Other office hours are available by appointment.
COURSE DESCRIPTION Managerial Economics brings together microeconomic principles, quantitative solution techniques, and decision-making approaches in conditions of certainty and risk. Analysis of the firm includes demand theory, production and cost, market structure, profit maximization, forecasting, and making decisions when risk is present. Quantitative tools that will be used in the course include calculus and regression analysis. It is important that students understand how the various parts of the course fit together for effective decision-making at the level of the firm and industry. COURSE PREREQUISITE ECON 215 Principles of Microeconomics COURSE OBJECTIVES The objectives of the course are the following: 1. To understand and apply microeconomic principles to firms and industries. 2. To use quantitative methods to analyze business and economic situations. 3. To recognize relevant factors in assessing the benefits and costs of a business situation to make appropriate decisions. TEXTBOOK
Managerial Economics by Paul Keat and Philip Young, Fifth Edition, 2006, Pearson - Prentice Hall.
EVALUATION There will be three regular exams and a comprehensive final exam, each counting 22% of the course grade. Assignments and quizzes will count the remaining 12%. The dates of the exams are: #1 Wednesday, February 13 #2 Monday, March 24 #3 Wednesday, April 23 Final Exam Friday, May 2 (3:00 P.M.) MAKEUP EXAMS Only under exceptional circumstances will the professor give permission to take a makeup exam. Students must have prior approval to miss an exam. EXAM FORMAT 1. Exams will have questions requiring discussion, graphs, and problem-solving. There can be some short-answer and multiple choice questions. 2. It is important that on exam days students come to class on time and prepared for the exam. 3. Once the exam has begun, no one can leave the room until the exam is completed. (No bathroom departures.) 4. Hats and sunglasses cannot be worn during exams. 5. Cell phones must be turned off and be put away during exams. They cannot be used as calculators. 6. Anyone caught cheating on an exam will be given an F in the course and reported to the Dean of Students GRADING SCALE The grading scale used in the course is the following: A 90-100 B 80-89 C 70-79 D 60-69 F 0-59 HANDOUTS To receive handouts given in class a student must be in class the day they are distributed. If you must miss a class, please contact another student to find out about handouts and class assignments. Handouts are a key part of the class. ATTENDANCE POLICY It is important that students attend class regularly and take part in class discussions and activities. For each absence greater than four, a student's final course average will be reduced by 2.0 points. PROFESSIONAL CONDUCT: The College of Business Administration is nationally accredited. The courses and programs of the College are designed to prepare students academically and professionally for whatever career they choose. The following expectations for faculty and student conduct are integral to the success of students while at Winthrop University and in their lives after college: 1. Faculty and students are to be prepared for each class. Assignments are to be completed on time. 2. Faculty and students are to be in class on time and to stay until the class is dismissed. 3. Faculty and students are to show respect for each other and for their peers. 4. Faculty and students are to plan ahead to meet goals with organization and efficient use of time.
5.
Faculty and students are to be responsible for the quality and effectiveness of their work and behavior.
STUDENTS WITH DISABILITIES Winthrop University is dedicated to providing access to education. If you have a disability and need classroom accommodations, please contact Gena Smith, Coordinator, Services for Students with Disabilities, at 323-3290, as soon as possible. Once you have your Professor Notification Form, please tell me so that I am aware of your accommodations well before the first {test/paper/assignment}. IMPORTANT DATES 1. Monday, January 21: Martin Luther King holiday – no class 2. Wednesday, March 12: Last day a student can drop a class with the grade of N 3. March 17 – 21: Spring Break 4. Monday, April 28: Last day of classes SUGGESTIONS FOR SUCCESS This is a course that continues to build on itself. Each chapter is important as a foundation for chapters that follow. Stay current with the assigned material and seek help when you need it. Be sure you understand material on handouts and study guides. Missing a class has a high opportunity cost because you will not hear the class discussion and you will not receive any handouts given during that class period. If you must miss a class, have someone in the course you can contact before the next class to get notes and know your assignment. COURSE OUTLINE Chapter 1 Introduction Chapter 2 The Firm and Its Goals Chapter 3 Supply and Demand Appendix The Math of Supply and Demand Chapter 4 Demand Elasticity Appendix Applications of Supply and Demand Chapter 5 Demand Estimation and Forecasting Chapter 6 The Theory and Estimation of Production Appendix The Multiple Input Case Appendix Production Using Calculus Chapter 7 The Theory and Estimation of Cost Appendix The Math of the Short-Run Cost Function Appendix The Estimation of Cost Chapter 8 Perfect Competition and Monopoly Appendix Calculus in Pricing and Output Decisions Appendix Break-Even Analysis Chapter 9 Monopolistic Competition and Oligopoly Chapter 10 Special Pricing Practices Chapter 11 Game Theory and Asymmetric Information Chapter 12 Capital Budgeting and Risk Appendix The Value of a Corporation Chapter 13 Multinational Corporation and Globalization Chapter 14 Government and Industry Chapter 15 Managerial Economics in Action
A Final Word of Encouragement My exams are thorough and attempt to measure how well you understand the concepts in the course. The exams are straightforward and cover what has been assigned. If you come to class, participate in discussions, take good notes, complete assignments, and prepare in advance for each class, you will not be surprised by the exams. Please apply yourself and you should succeed. I will be glad to help you so contact me when you have questions about the material. I do hope you will enjoy this course. Gary Stone
