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MBA 6053, Economics for Managers 1

Course Description

Review of managerial economics and problems encountered in firm management. Examines changing economic environment, business trends and fluctuations, and introduces forecasting techniques.

Prerequisites

None

Course Textbook

Keat, P., & Young, P. (2009). Managerial economics (6th ed.). Upper Saddle River, NJ: Prentice Hall.

Course Learning Objectives

Upon completion of this course, students should be able to:

1. Discuss managerial economics and its relationship to microeconomics and other related fields of study such as finance, marketing, and statistics.

2. Decide economic goals for the firm and develop optimal decisions that will bring the firm closest to those goals.

3. Define supply, demand, and equilibrium price. 4. Apply the concepts of price elasticity, cross-elasticity, and income elasticity. 5. Specify the components of a regression model that can be used to estimate a demand equation. 6. Define production function, and explain the difference between a short-run and a long-run production

function. 7. Distinguish between economic cost and accounting cost. 8. Describe the key characteristics of the four basic market types used in economic analysis. 9. Cite the main differences between monopolistic competition and oligopoly.

10. Analyze the practice of cartel pricing. 11. Illustrate game theory, and explain how it helps better understand mutually interdependent management

decisions. 12. Define the cost of capital, and demonstrate how it is calculated.

Credits

Upon completion of this course, the students will earn three (3) hours of college credit.

Course Structure

1. Unit Learning Objectives: Each unit contains learning objectives that specify the measurable skills and

knowledge students should gain upon completion of the unit. 2. Written Lectures: Each unit contains a Written Lecture, which discusses lesson material. 3. Reading Assignments: Each unit contains Reading Assignments from one or more chapters from the textbook. 4. Learning Activities (Non-Graded): These non-graded Learning Activities are provided in each unit to aid

students in their course of study.

MBA 6053, Economics for Managers Course Syllabus


5. Key Terms: Key Terms are intended to guide students in their course of study. Students should pay particular attention to Key Terms as they represent important concepts within the unit material and reading.

6. Unit Assessments: This course contains eight Unit Assessments, one to be completed at the end of each unit. Assessments are composed of Short Answer Essay Questions, Short Essay Questions, and/or Short Answer Math Questions.

7. Unit Assignments: Students are required to submit for grading Unit Assignments in Units II and IV. Specific information and instructions regarding these assignments are provided below.

8. Participation-Discussion Assignment: Those students who will be attending the classes taught by Vietnamese professors are not required to answer the discussion board questions. Instead they will discuss the questions listed in the discussion board with their professors and peers during class participation sessions. Those students who will not be attending the classes are required to e-mail the responses to the discussion board questions to their CSU professor.

9. Final Exam: Final Exams will be administered by the CSU professors while in Vietnam.

Unit Assignments Unit II Project Choose a section from Chapter 3 or Chapter 4 to do a Written Lecture on. The lecture should be in your own words (not just summarizing the section). Add personal experiences, news, and/or research to support what is in the chapter. Use APA format to cite any resource(s) used, including the textbook. Section choices to choose from include: Chapter 3

Market Demand, pp. 46-49

Market Supply, pp. 50-51

Market Equilibrium, p. 52

Comparative Statics Analysis, pp. 53-61

Supply, Demand, and Price: The Managerial Challenge, pp. 61-64

Global Application: The Market for Cobalt, pp. 64-67 Chapter 4

The Price Elasticity of Demand, pp. 78-84

The Determinants of Elasticity, pp. 84-88

Demand Elasticity and Revenue, pp. 89-94

The Cross-Elasticity of Demand, pp. 94-96

Income Elasticity, pp. 96-98

Other Elasticity Measures, pp. 99-102 Unit IV Research Paper The topic of your Research Paper is: Strategic Behavior. Your Research Paper should be 2-5 pages long. Use a total of 2-3 resources, including your textbook. All of the resources should be cited using APA format. INTRODUCTION - State your thesis and the purpose of your research paper clearly. What is the chief reason you are writing the paper? Also, state how you plan to approach your topic. Is this a factual report, a book review, a comparison, or an analysis of a problem? Explain briefly the major points you plan to cover in your paper, and why readers should be interested in your chosen topic. BODY - This is where you present your arguments to support your thesis statement. CONCLUSION - Restate your thesis. Summarize your arguments. Explain why you have come to this particular conclusion.

APA Guidelines CSU requires that students use the APA style for papers and projects. Therefore, the APA rules for formatting, quoting, paraphrasing, citing, and listing of sources are to be followed. A document titled “APA Guidelines Summary” is available


for you to download from the APA Guide Link, found in the Learning Resources area of the myCSU Student Portal. It may also be accessed from the Student Resources link on the Course Menu. This document provides links to several internet sites that provide comprehensive information on APA formatting, including examples and sample papers.

CSU Grading Rubric for Papers/Projects The course papers will be graded based on the CSU Grading Rubric for all types of papers. In addition, all papers will be submitted for electronic evaluation to rule out plagiarism. Course projects will contain project specific grading criteria defined in the project directions. To view the rubric, click the Academic Policies link on the Course Menu, or by accessing the CSU Grading Rubric link, found in the Learning Resources area of the myCSU Student Portal.

Grading

Unit Assessments (8 @ 7%) = 72% Project = 10% Research Paper = 10% Participation/Discussion = 10% Final Exam = 14% Total = 100%

Course Schedule/Checklist (PLEASE PRINT)

The following pages contain a printable Course Schedule to assist you through this course. By following this schedule, you will be assured that you will complete the course within the time allotted.


MBA 6053, Economics for Managers Course Schedule

By following this schedule, you will be assured that you will complete the course within the time allotted. Please keep this schedule for reference as you progress through your course.

WEEK 1: 01/28/2013 – 02/03/2013 Read Professor's Profile - Email your professor and introduce yourself. Read over Course Syllabus.

TET HOLIDAY BREAK: 02/04/2013-03/03/2013 WEEK 2: 03/04/2013-03/10/2013 Complete Unit I and Submit Unit I Assessment.

Unit I Managerial Economics and Economic Goals

Review: Unit Study Guide Learning Activities (Non-Graded): See Study Guide

Read: Chapter 1: Introduction Chapter 2: The Firm and Its Goals

Submit: Assessment

Notes/Goals:

WEEK 3: 03/11/2013-03/17/2013 Complete Unit II and Submit Unit II Assessment and Unit II Project.

Unit II Supply, Demand, and Elasticity


Read: Chapter 3: Supply and Demand Chapter 4: Demand Elasticity

Submit: Assessment Project

Notes/Goals:



WEEK 4: 03/18/2013-03/24/2013 Complete Unit III and Submit Unit III Assessment.

Unit III Forecasting and Production


Read: Chapter 5: Demand Estimation and Forecasting Chapter 6: The Theory and Estimation of Production

Submit: Assessment

Notes/Goals:

WEEK 5: 03/25/2013-03/31/2013 Complete Unit IV and Submit Unit IV Assessment and Unit IV Research Paper

Unit IV Estimating Cost


Read: Chapter 7: The Theory and Estimation of Cost

Submit: Assessment Research Paper

Notes/Goals:



WEEK 6: 04/01/2013-04/07/2013 Complete Unit V and Submit Unit V Assessment.

Unit V Pricing and Output Decisions


Read: Chapter 8: Pricing and Output Decisions: Perfect Competition and Monopoly

Submit: Assessment

Notes/Goals:

WEEK 7: 04/08/2013-04/14/2013 Complete Unit VI and Submit Unit VI Assessment.

Unit VI Special Pricing


Read: Chapter 9: Pricing and Output Decisions: Monopolistic Competition and Oligopoly Chapter 10: Special Pricing Practices

Submit: Assessment

Notes/Goals:



WEEK 8: 04/15/2013-04/21/2013 Complete Unit VII and Submit Unit VII Assessment.

Unit VII Theory, Information, Budgeting, and Risk


Read: Chapter 11: Game Theory and Asymmetric Information Chapter 12: Capital Budgeting and Risk

Submit: Assessment

Notes/Goals:

WEEK 9: 04/22/2013-04/28/2013 Break Week - Use this week to complete any remaining assignments. Review Units I-VIII to prepare for Final Exam. WEEK 10: 04/29/2013-05/05/2013 Complete Unit VIII and Submit Unit Assessment.

Unit VIII Globalization, Government, and the Beverage Industry


Read: Chapter 13: The Multinational Corporation and Globalization Chapter 14: Government and Industry: Challenges and Opportunities for Today’s Manager Chapter 15: Managerial Economics in Action: The Case of the Refreshment Beverage Industry

Submit: Assessment

Notes/Goals:


WEEK 11: 05/06/2013-05/12/2013 Final Exam and Participation/Discussion

Final Exam and Participation

Review: All Unit Study Guides and Assessments to prepare for Final Exam

Submit: Final Exam

Participation/Discussion

Notes/Goals:

WEEK 12: 05/13/2013-05/19/2013 Final Exam and Participation/Discussion

Final Exam and Participation

Review: All Unit Study Guides and Assessments to prepare for Final Exam

Submit: Final Exam Participation/Discussion

Notes/Goals:

Documents

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