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First Semester 2007 EC 209: Managerial Economics Group A Course Contract |
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Professor |
Dr. Jacqueline Khorassani |
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Class Hours & Locations |
Mondays: 11:00-11:50, Fottrell (AM)
Tuesdays: 15:00-15:50, Cairnes Theatre Thursdays: 15:00-15:50, Tyndall Theatre |
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Office |
310 St. Anthony’s |
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Office Hours |
Mondays:
14:00-15:00 Tu
& Th: 12:00-13:00
Wednesdays:
13:00-14:00
&
by appointment.
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Voice |
091- 493105 (office)
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E-mail |
khorassj@marietta.edu
or jacqueline.khorassani@nuigalway.ie
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Web: |
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Blackboard |
http://blackboard.nuigalway.ie
(More information on this later.) |
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Course Description |
This course is about the application of
economic principles to managerial decision making. What types of
decisions? Well, in an ever changing
economic environment, the managers of a firm have to continuously assess
their pricing strategies and find ways to optimize productivity, efficiency, cost
and profitability. This is not as easy
task as managers don’t have full information about the present condition of
their input or output markets and they are uncertain about the state of these
markets in the future. So, they not
only need to use the microeconomic tools such as the supply and demand model
but they also need to use the statistical tools such as the regression analysis
to learn more about the current status of the markets and to forecast the
future. |
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Course Objectives |
Upon the completion of this course you will
get a better understanding of the ·
fundamentals
of managerial economics. ·
supply
and demand model. ·
quantitative
demand analysis. ·
consumer
behavior. ·
measures
of productivity and cost. ·
organization
of the firm. ·
nature
of the industry ·
managing
in competitive, monopolistically competitive, oligoplistic, and monopolistic
markets. |
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Means of Communication |
Our main means of communication is the
classroom. The students are expected to attend classes on a regular
basis. In addition, I may also
communicate new information to you via my web page and/or blackboard.
Similarly, please feel free to visit me in my office, call me, or e-mail me
to discuss your concerns and questions. I have also made it possible for you
to send me your comments anonymously via my web page. |
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Texts |
The
textbook for the course is Managerial Economics and Business Strategy, fifth
edition, by Michael R. Baye. You
must purchase a copy of this book. Please make sure that you purchase this
book from the college bookshop because a chapter from another economics
textbook is included with the version of the book available in the college
bookshop. We will be using this chapter during the course. |
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Aplia.com |
Is a source that enables you to complete your assignments
on line. These assignments carry 100 points. Note the course is called EC 209: Managerial Economics (FT B. Commerce) in
Aplia and please make sure that you register for the correct course.
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My Teaching Philosophy |
I believe that straight
lecturing is not the most effective way to teach economics. I also believe that you are capable of
studying and understanding most of the material covered in the book on your
own if you give it your best shot.
Thus, I am not going to stand here and repeat the chapters of your
textbook everyday. In other words, I
am not going to be a transmitter of knowledge. Rather I view myself as designer.
Further, I view students as knowledge constructors rather than sponges.
My task therefore, is (1) to design a map that will lead
you toward the construction of your knowledge; (2) to help you figure out how
to ask the right questions when you feel lost; (3) to ask you questions in an
attempt to find out if you are on the right track; (4) and to give clear and
meaningful answers to your questions. I realize that you are different form
each other. You have different
backgrounds, skills and learning styles.
That is why I use a variety of strategies and media in this class. I plan to give each of you as much support
and guidance as possible. Your task is (1) to study the map; (2) to follow the map; (3)
to ask questions when you feel lost (I always prefer an stupid question to no
question as the alternative is remaining
stupid.); (4) and to respond to my questions. (Be prepared to be wrong sometime. Being wrong is okay as making mistakes is
an inevitable part of learning.) Our joint task is to build
a learning environment in which we feel free and comfortable to express our
thoughts; to respectfully disagree with each other at times; and to learn
from each other. |
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Tentative Course Outline |
1.
Introduction
to managerial economics Baye, Chapter 1 2.
Review
of Demand and Supply. Baye, Chapter 2 3.
Quantitative
Demand Analysis. Baye, Chapter 3 4.
Consumer
Choice Theory and Applications. Baye,
Chapter 4 5.
Criticisms
of Rational Choice Theory. Frank, Chapter 8; Papers by Camerer on Blackboard 6.
Production
and Costs. Baye, Chapter 5 7.
The
Organization of the firm. Baye, Chapter 6; Papers by Jensen and Gibbons on
Blackboard; 8.
The
Nature of Industry. Baye, Chapter 7 9.
Perfect
competition, monopolistic competition and monopoly. Baye, Chapter 8 10. Oligopoly. Baye, Chapter 9 11. Game Theory. Baye, Chapter 10 12. Pricing strategies. Baye, Chapter 11 13. The Economics of Information. Baye, Chapter 12 14. Advanced Topics in Business Strategy. Baye,
Chapter 13 |
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Grading |
The following table shows the weight of
different assignments in your final grade.
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Examination |
You will be given an exam according to a
schedule to be determined by the university. |
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Weekly
Study Guides |
In the
beginning of each week, look for a study guide for that week on my
website. Study Guides come in the form
of PowerPoint Slides and they are designed to guide you in your studying and
keep you on track. They may also
contain assignments that you must complete and turn in on their due
dates. So, make sure that you
carefully read these study guides on Monday of each week. |
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Classroom
PowerPoint Slides |
At the end
of each week, look for classroom PowerPoint slides on my website. |
Registration
Instructions: