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Managerial Economics EC 312 |
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CRN#18731
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Class Days Class Hours |
Monday,
Wednesday 5:00pm - 6:10pm |
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Spring 2006 |
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Class Location |
A323 |
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Instructor |
Dr. Jeffrey
P. Cohen |
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Office |
Location: |
A412C |
Office Phone: |
860-768-4834 |
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E-mail*: |
Fax Number: |
860-768-4911 |
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Homepage: http://uhaweb.hartford.edu/jcohen |
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Office Hours |
Monday 3:00-4:45 pm Wednesday 3:00-4:15 pm And by appointment |
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*NOTE: e-mail is a good way to get a message to me with a response!!
Texts:
REQUIRED
TEXTS:
Managerial Economics and Business Strategy, 4/e, by Michael Baye, Irwin McGraw-Hill, 2002.
OPTIONAL STUDY GUIDE (but highly recommended!):
Study Workbook for Managerial Economics & Business
Strategy.
See also the book’s website
for useful information:
http://www.mhhe.com/economics/baye
Course
Description:
EC 312 – Managerial Economics (3 credits)—
This is a course in managerial economics. We will study the details of how firms make their production choices in the context of what is known as “neoclassical economics”. Another important concept to understand in managerial economics is how individuals make consumption choices between various goods given their income available to spend. With this knowledge, one can better target the firm’s product to consumers and make pricing decisions. Finally, we will study how imperfect information, uncertainty, and game theory affect the ways in which production and consumption decisions are made.
Prerequisites:
EC 110 and EC 211.
Course Objectives
Upon completion of the course the student should be able to:
- Understand the fundamentals of neoclassical
economics, including how market prices affect demand and supply, how consumers
make decisions under budgetary constraints, and how firms choose the optimal
quantity of output to produce.
- Relate modern developments in the theory of the
firm to neoclassical economics and understand how transaction costs,
uncertainty, information deficiencies, and theories of games can help explain
firm organization and managerial decision-making processes.
-Explain the effects of market structure on firm conduct and performance.
Grading: EVALUATION AND
GRADING*:
Class participation and attendance 10%
Two Midterm Exams (25% each) 50%
Final Exam 25%
Homework Assignments 15%
Dates for exams:
midterm exam I: TBA
midterm exam II: TBA
Final
exam: Wednesday,
May 10, 5:00 pm - 6:10 pm
Homework assignments are given throughout the semester (available on my homepage).
Students are expected to have read the assigned readings before class and complete the homework assignments on time. Due dates for the homework assignments will be announced in class. It is also expected that you will participate in discussing relevant economic issues that relate to the subject matter, and participation will count toward your final course grade. Real world application of economic concepts is a must for understanding and retention of these concepts. Therefore, it is expected that you will be reading current economic issues through either the Wall Street Journal, Business Week, or similar sources. Some of the articles in the Journal or Newspapers will be used for class discussion and application of the concepts.
*
NOTE: This syllabus is a guide
only and may be revised or deviated from as deemed necessary by the course
instructor. No make-up exams are allowed unless there is a documented
medical or religious reason, and the instructor must be informed and
documentation presented in advance.
Attendance Policy:
You are required to attend and be on time for all
classes. All homework must be handed in on time, even
if you have to miss the class when it is due. The homework problems are
available online. As
noted above, class participation will be a factor in determining course grades,
so this is another reason why your attendance is important. If you miss more than two weeks worth of
classes, you may be dropped from the course. However, if you decide to withdraw
from the course, it is your responsibility to fill out the appropriate
paperwork with the registrar’s office.
Contextual
Coverage:
Ethics:
Not covered specifically.
Global: Current event, global examples/ applications
and theory discussed.
Political,
social, legal, regulatory and environmental: Substantial discussion in
connection to market structures, pricing and public policy
Technological: Some use of the Internet.
Demographic
diversity: Some references in the context of housing, labor markets and wages.
Communication
skills: Exams and homework assignments are written.
Disability
Guidelines
If
you have been diagnosed with a disability and you require reasonable
accommodations, you must make an appointment with the Director of Student
Services at 768-4260. Documentation must
be presented so that you may be referred to the appropriate office for these
accommodations. All information is kept
strictly confidential.
Guidelines on Student Conduct
In
an effort to create an environment that is conducive to learning, the following
guidelines are presented to make explicit expectations that the
1. Follow the
Academic Honesty Policy without fail.
2. Respect
differing views on campus and to engage in responsible discussion with others
with whom you do not agree.
3. Regularly attend
classes and submit assignments on or before specified deadlines.
4. Prepare for
each class by completing reading assignments, homework and/or case preparation.
5. Not bring food
and drink into the classroom unless instructor approval is given.
6. Raise a hand
if you wish to speak or be excused from the classroom. Students are not permitted to get up and
leave at will.
7. Act in a
reasonable manner in the classroom and halls so as not to disrupt others.
8. Dispose of
gum, trash and paper in designated receptacles.
Do not leave trash in the stairwells, classrooms, desktops or any other
non-designated receptacle.
9. See professors
during their regularly scheduled office hours or by appointment. Office hours are posted on each professor’s
door.
10. Take exams
when they are scheduled unless you have been excused on official university
business, such as participation in athletic events, or medical emergency
(notifying your professor prior to the exam).
11. Immediately
contact professors if you will miss or have missed a class or exam and also to
make up what you have missed.
The
Source
also specifies the following acts as punishable misconduct and subject to
Judicial Review.
a.
Damage, destruction or theft of University property;
b.
Deliberate interference with any class or University function;
c.
Refusal to vacate a building;
d.
Tampering with fire alarms or fire-fighting equipment;
e.
Possession or use of a dangerous article;
f.
Illegal or unauthorized entry or presence in a facility;
g.
Alcohol – no possession or use in class;
h.
Noise and general disorderliness;
i.
Providing false information to a University office;
j.
Acting with violence;
k.
Failure to respond to a reasonable request and to produce
identification;
l.
Possession, use or storage of drugs and drug paraphernalia;
m.
Abuse of computer access – incl. Copying software;
n.
Visitors – you are responsible for the actions of your
visitors.
SEMESTER OUTLINE
Topics Covered:
I.
Fundamentals of Neoclassical Economics
The
Fundamentals of Managerial Economics
Problems: Chapter 1 homework problems
Demand and
supply
Reading: Chapter 2, chapter 3 (pages 70-89)
Problems: chapter 2 and chapter 3 homework problems
Theory of
consumer behavior
Problems: chapter 4 homework problems
EXAM #1
II.
From Neoclassical to Modern Developments in Microeconomic Analysis
Neoclassical
theory of the firm
Problems: chapter 5 homework problems
Modern
Theory of the firm (transaction cost economics)
Problems: chapter 6 homework problems
Game
theory
Problems: chapter 10 homework problems
EXAM #2
III.
Market Structure and Analysis
Competition
and monopoly
Problems: chapter 8 homework problems
Oligopoly
Problems: chapter 9 homework problems
FINAL EXAM: Wednesday
May 10, 5:00 pm - 6:10 pm