Practical Reflection Managerial Economics

Hutton & Plaster School of Business

COURSE SYLLABUS

Course Information

BADM535 - A01 Managerial Economics

Instructor Information

Course Description

This course focuses on case analysis using microeconomic theory and statistical techniques to aid in decision‐making processes. Topics include demand and cost analysis, pricing in different market and risk conditions, forecasting methods and constrained optimality.

Course Objectives

Upon completion of this course:

Discern the information relevant to making a decision

Clarify policies and desired outcomes by economic modeling

Integrate microeconomic concepts with statistical procedures to form alternatives and solutions to business problems

Develop criteria to evaluate alternatives

Utilize learned technologies to enhance communication skills

School of Business Mission and Goals

The mission of the Hutton & Plaster School of Business is to foster academic excellence and student achievement at both the undergraduate and graduate levels. Students are provided with a strong academic foundation in business, and are prepared to become productive, competent, and ethical professionals. The Hutton School of Business provides a learning environment that is characterized by student-oriented instructional methodologies and the development of leadership and life-long learning skills in its students.

At the Hutton School of Business, the following broad-based goals for students have been developed:

1. Students will acquire the relevant disciplinary knowledge and competencies appropriate to their program of study.

2. Students will acquire effective business-related professional skills.

3. Students will be challenged to assess their personal values and connect them to ethical behaviors appropriate to their intended endeavors.

Program Intended Student Learning Outcomes

Based upon these broad-based goals, the Hutton & Plaster School of Business has identified the following general intended student learning outcomes (MBA ISLO) for students:

1. Students will be able to demonstrate well-developed case study problem-solving skills.

1. Students will be able to examine the major theories and concepts in the areas of accounting, finance, management, and marketing.

2. Students will be able to integrate their findings from the major theories and concepts in the areas of accounting, finance, management, and marketing to

organizational decision making.

3. Students will be able to analyze the opportunities and challenges of legal, social, economic, and global business issues.

4. Students will be able to apply standards of ethical behavior in business to managerial decision making.

5. Students will be able to utilize appropriate technological and quantitative methods and tools to the solution of practical business problems.

6. Students will be able to demonstrate advanced professional business communication skills.

7. Students will be able to demonstrate well-developed organizational, leadership, and teamwork skills.

8. Students will be able to integrate theory and practical application across business functional areas for the purpose of strategic analysis, planning, implementation, and control.

Concentration Intended Student Learning Outcomes

Further, the Hutton & Plaster School of Business has identified the following intended student learning outcomes for students pursuing a concentration:

Concentration in Accounting (ACTG) ISLOs

1. Students will be able to utilize advanced knowledge of accounting.

2. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of accounting.

3. Students will be able to conduct research on issues and questions relevant to the accounting profession.

4. Students will be able to interpret the ethical and legal responsibilities of professional accountants.

Concentration in Entrepreneurship (ENTR) ISLOs

1. Students will be able to utilize advanced knowledge of entrepreneurship.

2. Students will be able to formulate a plan for the creation of a new venture.

3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of business.

Concentration in Healthcare Administration (HCA) ISLOs

1. Students will be able to utilize advanced knowledge of healthcare administration.

2. Students will be able to formulate healthcare administration strategies designed to allow the organization to achieve its objectives.

3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the

area of healthcare administration.

Concentration in Marketing (MKTG) ISLOs

1. Students will be able to utilize advanced knowledge of marketing.

2. Students will be able to formulate marketing strategies designed to allow the organization to achieve its objectives.

3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the area of marketing.

Concentration in Project Management (PROJ) ISLOs

1. Students will be able to utilize advanced knowledge of the project management process including planning the project, initiating the project, executing the project, monitoring the project, and controlling the project.

2. Students will be able to examine the ethical and legal responsibilities of project managers.

3. Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different areas of project management.

Concentration in Strategic Management (MGMT) ISLOs

1. Students will be able to utilize advanced knowledge of management.

2. Students will be able to formulate management strategies designed to allow the organization to achieve its objectives.

Students will be able to develop advanced analytical and critical thinking skills to evaluate information, solve problems, and make sound ethical decisions in the different area of management.

Course Website

Access to the course website is required via the iLearn portal on the University of the Cumberlands website: http://www.ucumberlands.edu/ilearn/

or https://ucumberlands.blackboard.com/

Required Books and Resources

Title: Managerial Economics

ISBN: 9781337106665

Authors: Froeb Publisher: Cengage Edition: 5TH 18

Course Required text can be found and purchased via the UC Barnes and Noble Bookstore: https://cumber.bncollege.com/shop/cumberlands/page/find-textbooks

Requirements and Policies

Academic Integrity/Plagiarism

At a Christian liberal arts university committed to the pursuit of truth and understanding, any act of academic dishonesty is especially distressing and cannot be tolerated. In general, academic dishonesty involves the abuse and misuse of information or people to gain an undeserved academic advantage or evaluation. The common forms of academic dishonesty include:

Cheating – using deception in the taking of tests or the preparation of written work, using unauthorized materials, copying another person’s work with or without consent, or assisting another in such activities.

Lying – falsifying, fabricating, or forging information in either written, spoken, or video presentations.

Plagiarism—using the published writings, data, interpretations, or ideas of another without proper documentation

Plagiarism includes copying and pasting material from the internet into assignments without properly citing the source of the material.

Episodes of academic dishonesty are reported to the Vice President for Academic Affairs. The potential penalty for academic dishonesty includes a failing grade on a particular assignment, a failing grade for the entire course, or charges against the student with the appropriate disciplinary body.

Attendance Policy

Course enrollment and participation will be monitored and verified for all students during the first two weeks of classes. Lack of participation during this time may jeopardize enrollment status. Each student is expected to meet course expectations by completing the coursework required each week. Active participation and staying abreast of the material is essential to success. Program specific attendance policies may still apply.

P articip ation Policy

Study after study has linked successful academic performance with good class participation. Those who assume positions of responsibility must “show up” in order to be effective. Therefore, students are expected to actively participate in intelligent discussion of assigned topics in all areas (Discussion Board Activities, Synchronous Sessions, Forums, Shared Papers, etc.) to help process course material and/or to demonstrate understanding of course content. Point adjustments will be taken for non-participation.

D isability Accommodations

University of the Cumberlands accepts students with certified disabilities and provides reasonable accommodations for their certified needs in the classroom, in housing, in food service or in other areas. For accommodations to be awarded, a student must submit a completed Accommodations Application form and provide documentation of the disability to the Disability Services Coordinator (Mr. Jacob Ratliff, Boswell Campus Center, Student Services Office Suite, jacob.ratliff@ucumberlands.edu ). When all paperwork is on file, a meeting between the student and the Coordinator will be arranged to discuss possible accommodations before accommodations are formally approved. Students must then meet with the Coordinator at the beginning of each semester before any academic accommodations can be certified for that term.

Certifications for other accommodations are normally reviewed annually.

Academic Appeal

Both undergraduate and graduate students have the right to challenge a grade. If discussions with the course instructor and department chair do not lead to a satisfactory conclusion, students may file a formal written appeal with the Vice President for Academic Affairs, who will forward the appeal to the chair of the Academic Appeals Committee. This formal written appeal must be filed by the end of the 4th week of classes in the next regular term following the term in which the course in question was taken. The Academic Appeals Committee then gathers information from the student, the instructor, and any other relevant parties. The Committee will deliver its recommendation on the complaint to the Vice President for Academic Affairs. After reviewing this recommendation and concurring or amending it, the Vice President for Academic Affairs will inform the student and instructor of the disposition of the complaint no later than the last day of classes of the term in which the complaint was filed. Records of all actions regarding academic grade appeals, including their final disposition, are maintained by the Vice President for Academic Affairs and the Academic Appeals Committee. ( Undergraduate Catalog/Graduate Catalog )

Student Responsibilities

Students should:

Use University of the Cumberlands email system for all academic, administrative, and co-curricular communication between faculty, staff and peers.

Check for email and class announcements using iLearn (primary) and University of the Cumberlands webmail (secondary) daily.

Demonstrate Cumberlands Character in and outside the classroom per the University Mission & Vision

Ensure you have consistent required technology for the course Participate in courses regularly to:

Find announcements and updates

Complete assignments on time. Keep in mind that all deadlines use Eastern Standard Time (EST).

Engage in discussion

Connect with fellow students and faculty

Present written work in an academic and professional manner.

Take examinations on the designated dates and times. Students should make arrangements with faculty before the designated date for any needed accommodations.

Contact faculty or student success coordinator with questions or concerns.

Course Policies

The only authorized electronic means of academic, administrative, and co- curricular communication between University of the Cumberlands and its students is through the UCumberlands email system (i.e. Webmail). Each student is responsible for monitoring his/her University email account frequently. This is the primary email account used to correspond with you directly by the University; imperative program information is sent to this email account specifically from campus and program office.

Students should check for e-mail and class announcements using iLearn (primary) and University of the Cumberlands webmail (secondary).

Students are expected to find out class assignments for missed classes and make up missed work.

Students are expected to find out if any changes have been made in the class or assignment schedule.

Written work must be presented in a professional manner. Work that is not submitted in a professional manner will not be evaluated and will be returned as unacceptable.

There is a craft to writing. Spelling, grammar, punctuation and diction (word usage) are all tools of that craft. Writing at the collegiate level will show careful attention to these elements of craft. Work that does not

exhibit care with regard to these elements will be considered as inadequate for college writing and graded accordingly.

Students are expected to take the examinations on the designated dates. If you are unable to take the exam on the scheduled date and know in advance, you are to make arrangements with your professor before the designated date. If you miss the exam, you must have a legitimate reason as determined by your professor.

Recognizing that a large part of professional life is meeting deadlines, it is necessary to develop time management and organizational skills. Failure to meet the course deadlines may result in penalties. Keep in mind that all deadlines are set using Eastern Standard Time (EST). L ate assignments will NOT be accepted.

Course Activities and Experiences

Students are expected to:

Review any assigned reading material and prepare responses to homework assigned.

Actively participate in activities, assignments, and discussions.

Evaluate and react to each other’s work in a supportive, constructive manner.

Complete specific assignments and exams when specified and in a professional manner.

Utilize learned technologies for class assignments.

Connect content knowledge from core courses to practical training placement and activities.

Links to Support

UC Academic Catalog: https://www.ucumberlands.edu/academics/academic-catalog

UC Student Handbook: https://www.ucumberlands.edu/student-handbook

Academic Resources & Writing Center: www.ucumberlands.edu/learningcommons

Library: http://www.ucumberlands.edu/library/

Bookstore: https://cumber.bncollege.com/shop/cumberlands/home About University of the Cumberlands: https://www.ucumberlands.edu/about/presidents-welcome

Course Evaluation

A student will be evaluated/weighted on the following basis:

Welcome & Introduction Post	5 points
Plagiarism Quiz	5 points
Reflection and Discussion Forums (7 x 50 points)	350 points
Problem Sets (6 x 55 points)	330 points
Research Project - Individual Submission-1	100 points
Research Project - Individual Submission-2	100 points
Practical Connection Assignment	50 points
Final Exam	60 points
Total Possible Points	1000 points

Grading Scale

A= 90 – 100 (90% - 100%)

B= 80 – 89 (80% - 89%)

C = 70 – 79 (70% - 79%)

F < 69 (Below 69%)

Course Schedule

	Course Schedule
Weekly Unit	Readings/Topics	Points Possible	Assignments Due Dates
Week 1	(All chapter readings are from the
8/24/20-	assigned text book, Froeb,
8/30/20	McCann, Shor, & Ward (2018).
	Managerial Economics: A Problem		*Failing to
	Solving Approach 5th edition,		Participate in Week 1
	Cengage.)		may result in being
	Read		dropped from the
	Chapter 2. The One Lessor of		course.
	Business.
	Chapter 3. Benefits, Costs, and	5
	Decisions.	5
	Chapter 4. Extent (How Much)	50	8/30/20 11:59 pm
	Decisions.		8/30/20 11:59 pm
			8/27/20 11:59 pm
	Assignments		Initial Post
	Welcome & Introduction Post	55	8/30/20 11:59 pm Peer Replies
	Plagiarism Quiz
	Reflection & Discussion Forum
	Initial Post Due Thursday		8/30/20 11:59 pm
	Peer Replies Due by Sunday
	Complete Unit 1 Problem Set
Week 2 8/31/20- 9/06/20	Read Chapter 5. Investment Decisions: Look Ahead and Reason Back. Chapter 6. Simple Pricing. Chapter 7. Economies of Scale and Scope.		Week 2 Assignments Required
	Assignments:	50

	Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Complete Unit 2 Problem Set	55	9/3/20 11:59 pm Initial Post 9/6/20 11:59 pm Peer Replies 9/6/20 11:59 pm
Week 3	Read Chapter 8. Understanding Markets and Industry Changes. Chapter 9. Market Structure and Long-Run Equilibrium. Chapter 10. Strategy: The Quest to Keep Profit from Eroding. Assignments: Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Complete Unit 3 Problem Set		Week 3 Assignments
9/07/20-			Required
9/13/20
		50
			9/10/20 11:59 pm
			Initial Post
		55	9/13/20 11:59 pm
			Peer Replies
			9/13/20 11:59 pm
Week 4	Read Chapter 11. Foreign Exchange, Trade, and Bubbles. Chapter 12. More Realistic and Complex Pricing. Assignments: Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Complete Unit 4 Problem Set		Week 4 Assignments
9/14/20-			Required
9/20/20
		50
			9/17/20 11:59 pm
			Initial Post
		55	9/20/20 11:59 pm
			Peer Replies
		100
			9/20/20 11:59 pm

	Research Paper – Individual Submission-1		9/20/20 11:59 pm
Week 5	Read Chapter 13. Direct Price Discrimination. Chapter 14. Indirect Price Discrimination. Chapter 15. Strategic Games. Assignments: Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Complete Unit 5 Problem Set		Week 5 Assignments
9/21/20-			Required
9/27/20
		50
			9/24/20 11:59 pm
			Initial Post
		55	9/27/20 11:59 pm
			Peer Replies
			9/27/20 11:59 pm
Week 6	Read Chapter 16. Bargaining. Chapter 17. Making Decisions with Uncertainty. Chapter 18. Auctions. Assignments: Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Complete Unit 6 Problem Set		Week 6 Assignments
9/28/20-			Required
10/04/20
		50
			10/01/20 11:59 pm
			Initial Post
		55	10/04/20 11:59 pm
			Peer Replies
			10/04/20 11:59 pm
Week 7	Read Chapter 19. The Problem of Adverse Selection. Chapter 20. The Problem of Moral		Week 7 Assignments
10/05/20-			Required
10/11/20

	Hazard. Chapter 21. Getting Employees to Work in the Firm's Best Interest. Chapter 22. Getting Divisions to Work in the Firm's Best Interest. Assignments: Reflection & Discussion Forum Initial Post Due Thursday Peer Replies Due by Sunday Research Paper – Individual Submission-2	50
			10/08/20 11:59 pm
			Initial Posts
		100	10/11/20 11:59 pm
			Peer Replies
			10/11/20 11:59 pm
Week 8 10/12/20- 10/16/20	Final Exam Practical Connection Assignment	60 50	10/16/20 11:59 pm 10/16/20 11:59 pm
	Total Points	1,000

Syllabus Disclaimer

This syllabus contains important information critical to your success in this course. It includes guidelines for this course and the instructor’s current expectations about content, schedule, and requirements necessary for each student to achieve the best educational results. While you must review and become familiar with the contents of this syllabus, the instructor reserves the right to make adjustments or change in the syllabus from time to time. Any changes to the syllabus will be discussed with the students.