Central Methodist University – Fayette (Columbia Campus)
Managerial Economics
EC 314 Section AA
Fall 2018
8/20/18 - 12/14/18
Tuesdays 4:00 – 6:45 p.m.
Instructor: Jumoke Sanusi, Ph.D.
Contact Information: JSanusi@centralmethodist.edu
Cell Phone (573) 823-6040
CMU Administration (573) 447-3311
CMU Mission Statement: Central Methodist University prepares students to make a difference in the world by emphasizing academic and professional excellence, ethical leadership, and social responsibility.
Required Course Text: McKenzie, R.B., & Lee, D.R. (2010). Microeconomics for MBAs (2nd ed.). New York: Cambridge University Press.
Catalog Course Description: Managerial Economics. 3 hours. Intermediate microeconomics with a focus on applications of Economics to decisions made by managers of a firm, including the concepts of demand analysis and forecasting, production and cost analysis, and pricing and output decisions. Prerequisite: EC 202; or instructor’s permission.
Course Objectives: The goal of this course is to develop students’ critical thinking skills in the areas of managerial decision making. These skills will be demonstrated in students’ understanding of economic theory and its application to various business settings, and in students’ ability to analyze case studies in individual and group settings.
Measurable Learning Outcomes: Upon completion of this course, students should be able to demonstrate understanding of the following
- The modern theory of market forces including the roles of incentives and profit
- Quantitative analysis of demand
- Economic tools such as cost-benefit analysis, and Internal Rate of Return calculations
- Why Principal-Agent problems arise in organizations
- Pricing and cost strategies for different market structures
- How constraints impact business decisions
- The role of government in the marketplace
- Integration of economic concepts including demand, cost, pricing and output strategies and effects of global competitive forces in analyses of current business events
Course Policies:
Attendance – Students are expected to be in class, and on time, every class meeting. Students are responsible for all material presented in class – regardless of whether they attended that class session.
Information Retrieval - Students are also responsible for any information the university or the instructor has sent to their email addresses. Please check your university email regularly.
Class Assignments – Homework assignments are due at the beginning of class. No make-up exams or make-up homework assignments are given; however, the lowest scores on these assignments are dropped. The Final Examination cannot be dropped.
Academic Honesty – Students are expected to complete their assignments honestly. Violations of academic integrity include cheating, unauthorized collaboration, and plagiarism. These violations will result in a zero score for the activity and possible referral to the Academic Dean.
Classroom Courtesy - Teaching methods in this course will include discussions. Comments by class members are encouraged, and students are expected to be courteous in their treatment of comments by class members.
Cell Phone and Other Class Distractions – In order not to distract class activities, please turn off your cell phone or select a silent mode for your ringer during class activities. During class sessions, please use laptops or tablets only for class-related activities. Do not use earbuds during class.
Students with Disabilities Policy: Central Methodist University makes reasonable accommodations to support students with a federally defined disability. The university’s ‘Students with Disabilities’ policy can be found in the CLAS catalog which is posted in http://www.centralmethodist.edu/academics/catalog/cges-catalog/policies/index.php. To request reasonable accommodations for a disability, students must fill out and submit the application and information forms and provide documentation of the disability. These forms can be found at http://www.centralmethodist.edu/academics/learning-teaching/disability-accommodations.php
Grievance Policy - Central Methodist University has established a grievance policy and process to provide students with an avenue to file a written concern and to track resolutions of said concern. More detailed information about the Grievance Policy can be found in the CLAS catalog which is posted in http://www.centralmethodist.edu/academics/catalog/clas-catalog policies/index.php. If an issue cannot be resolved through consultation with the faculty or Academic Dean, students can report the incident/issue within 30 days of the event via the online web form located at https://cm.maxient.com/reportingform.php?CentralMethodistUniv
Evaluation:
Assignments -- in-class, homework
(lowest score on in-class and homework is dropped) 100 points
Three exams (best two grades counted) 200 points
Presentation 100 points
Final Examination 200 points
TOTAL 600 points
Grading Scale
90 – 100% = A
80 – 89% = B
70 – 79% = C
60 – 69% = D
Below 60% = F
Course Schedule
|
Week
|
Date
|
Chapter
|
Topics
|
|
1
|
Tuesday, August 21
|
1
|
Introduction, Microeconomic way of thinking
|
|
2
|
Tuesday, August 28
|
2
|
Principles of rational behavior in society and business
|
|
3
|
Tuesday, September 4
|
3
|
Competitive product markets and firm decisions
|
|
4
|
Tuesday, September 11
|
3
|
Chapter 3 continued; Exam 1
|
|
5
|
Tuesday, September 18
|
4
|
Applications: domestic government and management policies
|
|
6
|
Tuesday, September 25
|
5
|
Application: International and environmental economics
|
|
7
|
Tuesday, October 2
|
5
|
Chapter 5 continued; Exam 2
|
|
8
|
Tuesday, October 9
|
6
|
Consumer choice and demand in traditional and network markets
|
|
9
|
Tuesday, October 16
|
7
|
Production costs and the theory of the firm
|
|
10
|
Tuesday, October 23
|
8
|
Production costs in the short run and long run
|
|
11
|
Tuesday, October 30
|
8
|
Chapter 8 continued; Exam 3
|
|
12
|
Tuesday, November 6
|
9
|
Firm production under idealized competitive conditions
|
|
13
|
Tuesday, November 13
|
10
|
Monopoly power and firm pricing decisions
|
|
|
Tuesday, November 20
|
|
THANKSGIVING BREAK
|
|
14
|
Tuesday, November 27
|
10
|
Chapter 10 continued; Course Presentations
|
|
15
|
Tuesday, December 4
|
11
|
Firm strategy under imperfectly competitive market conditions
|
|
16
|
Tuesday, December 11
|
|
Final Examination
|