KENT STATE UNIVERSITY

Graduate School of Management

ECON 67022, Managerial Economics: EMBA

Saturday 8:00-12:00/1:00-5:00

Fall 2005 Syllabus

 

 

Instructor:            Donald R. Williams

                        Professor of Economics and Associate Dean

Office:              Room A310 BSA

Phone:              (330) 672-1235

E-mail:            dwilliam@bsa3.kent.edu

Web:                www.personal.kent.edu/~dwilliam

 

Course Description:  This course presents basic tools of economic decision-making, with an emphasis on business decision-making under differing market and business conditions.  The course is presented in a lecture format, with opportunities for discussion.

 

Prerequisites:   I assume you have had some Principles of Economics courses and have taken BAD 67041, Applied Statistical Analysis.  Basic skills used in this course include algebra, elementary calculus and statistics, and simple spreadsheet analysis.

 

Text:  The required text is Managerial Economics and Business Strategy, by Michael Baye, 5th edition, McGraw-Hill, 2005.  Additional readings may be assigned throughout the semester.   Students are expected to have read the assigned material before coming to class.  A study guide is also provided.  You may want to work through the practice questions given in the study guide.

 

Grading:  The course grade will be based upon the average of your midterm exam (35 percent), final exam (35 percent), group project (10 percent), and homework problem set scores (20 percent).  The exams will be comprised of short-answer, problem, and analytical questions.  The grading of problem sets is described below.  Final grades will be based on a 90%-A, 80%-B, 70%-C, 60%-D, under 60%-F grading scale.  “Plus/minus” grades may be given in borderline cases.

 

Problem Sets:   Homework problem sets will be a mixture of analytical analysis, statistical analysis, and short-answer questions.  You should bring written answers to class each week that homework is due.  During class, we will break into groups to discuss the answers to the problems, and each group will decide upon “best answers” to the group homework problems.  Your homework scores will be based upon your groups’ answers to selected problems and your individual answers for the remaining problems.

 

Group Project: Students will be divided into groups to work on a data analysis project using the methods developed in class.  A written report is due in the 5th week of the term.  Information about the project requirements will be distributed on the first day of class.

Donald R. Williams                                                                                                           Page 2

Managerial Economics Syllabus

 

Office Hours:  One hour after class.   I am usually on campus from 9 to 5, Monday through Friday.  The best way to meet with me is by making an appointment.  Please leave a message if you call, or send an e-mail, and I will get back in touch with you as soon as possible. 

 

Students with Disabilities:  University Policy 3342-3-18 requires that students with disabilities be provided reasonable accommodations to ensure equal access to course content.  If you have a documented disability and require accommodations, please contact the instructor at the beginning of the semester to make arrangements for necessary classroom adjustments.  Please note, you must first verify your eligibility for these through Student Disability Services (contact 330-672-3391 or visit www.kent.edu/sds for more information on registration procedures).

 

 

Course Outline

 

Date                Topic                                                                           Text Chapters        

Oct 22             Introduction to the Course, Basic Principles                      1 (pp. 1 – 12)

Review of Supply and Demand                                  2

Elasticity of Demand                                                          3 (pp. 69 - 92)      

Oct 29             Elasticity, continued

                        Demand Estimation                                                      3 (pp. 93 - 105)

                        Forecasting                                                                 Handout

Homework #1 due

Nov 5              Uncertainty and the Value of Information                   12

Production Theory                                                 5 (pp. 150 - 173)

                        Homework #2 due

Nov 12                        Midterm Exam                                                          

                        Costs                                                                           5 (pp. 173 - 188)

                       

Nov 19                        Market Structure                                                          7

                        Pricing                                                                          8, 11

            Group project due                                                     

Dec 3               Pricing, cont’d                                                              11

Oligopoly and Game Theory                                     9, 10

                        Homework #3 due

Dec 10             Final Exam

Homework #4 due

 

Note:  the course outline is subject to revision.  Changes will be announced in class.