ECON 651: Managerial Economics
Prerequisite: MBA status or permission of the instructor
Credit Hours: (3)
Semester offered: Fall or Spring
Study of selected topics in economic theory and their application to management problems. Topics include demand and supply, revenues, elasticity, production and cost, incremental decision making, market structure and pricing, and investment analysis. Elementary quantitative methods will be developed and utilized.
Detailed Description of Content of the Course
1. Scope and Content of Managerial Economics
2. Use of Models
3. Elementary Mathematical Concepts
4. Demand and Consumer Behavior
5. Production and Costs
6. Price and Output Decisions
7. Selected Topics in Managerial Economics
Detailed Description of Conduct of the Course
The following teaching strategies will be employed:
Students are taught from the text and provided reading assignments, computer problems, and case studies of business enterprises. Approximately 60 to 70 percent of the grade is for demonstrating the ability to apply economic principles and theories to business problems.
Goals and Objectives of the Course
This course has three objectives. These are:
1. To help the student develop analytical rigor in applying economic theory to practical problems.
2. To equip the student with elementary quantitative tools that are assets in dealing with economic and business phenomena.
3. To embolden the student in making decisions under conditions of uncertainty and risk with a high degree of confidence.
Students are evaluated on the basis of performance and achievement on assignments, term papers, examinations, and contributions to class discussion. Commitment to the class in terms of attendance and participation will be noted. The following weights pertain to assignments, examinations, term papers, and classroom participation.
- 7 Assignments at 10 Points Each = 70 Points
- 2 Examinations at 100 Points Each = 200 Points
- Term Paper = 100 Points
- Classroom Activity = 30 Points
Other Course Information
A concise and well researched term paper is part of the course requirement. The typed paper, about 6-8 pages in length, is to be submitted on the last day of class.
The term paper should have an abstract and other sections providing background information, problem identification, methodology, and data sources utilized, results, discussion, solution, and conclusion. The term paper is evaluated on style of presentation, analytical rigor, soundness of methodology, validity of conclusion, clarity, and language.
The term paper will focus on some problem in the real world of specific importance to the student and of which he/she is generally knowledgeable. A term paper outline is to be submitted to the instructor by the second week of class with a note on data sources to be utilized. A rough draft is to be provided to the instructor one month prior to the end of the semester. Students are encouraged to avail themselves of the instructor's guidance in preparing the paper.
Review and Approval
Date Action Reviewed by
March 1999 Revised