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Notes
    Chapter  4
    Chapter  5
    Chapter  6
    Chapter  7
    Chapter  8
    Macroeconomics: Lecture Slides   notes

Review questions
   Exam 1
   Exam 2
   Final

 Attendance
 Course Description and Goals
 Exams
 Exercises
 Grading
 Syllabus
 Withdrawing

TEXT: Managerial Economics and Business Strategy (3^rd edition) by Michael R. Baye   Boston:Irwin/McGraw-Hill (1999)

COURSE DESCRIPTION:
An overview of the methods of economic analysis applied to the modern United States economy.  Emphasis on microeconomics and managerial economics such as consumer choice and demand, theory of cost, outputs, and industrial structure, analysis of efficient use of resources within an organization.  Also, macroeconomic analyses including a review of monetary institutions, and the theory of GNP, inflation, and the rate of unemployment.

It is assumed that the student has had principles of economics courses at the undergraduate level.  This course differs from the undergraduate Managerial Economics course (ECN 301) in its use of calculus and in the depth of the material covered.  This course also includes a discussion of the macroeconomic environment of the firm.

GOALS:  The purpose of this course is to provide you with analytical tools which can be used in making business decisions.  Upon completing this course, you should be able

• to use the marginal principle as a tool to make decisions about the optimal levels of outputs and inputs with one or several variable inputs.
• to calculate the demand impact on a firm's sales of changes in the price of the firm's product, the prices of competitors products, prices of related products, or community incomes.
• to apply simple game theory to situations where strategic interaction is required.
• to understand the effect of macroeconomic variables on the firm's sales and costs.

ATTENDANCE:   Attendance is not required, except on exam nights, but it is highly recommended.  Attendance and class participation may be used to decide your grade in borderline situations.

EXAMS:   Counting the Final Exam, there will be three exams during the course.  The exams will be partly multiple choice, partly computational, and partly short essay.   Make-up exams for the final exam will be allowed in documented cases of illness, death in your immediate family, or work conflict.  If you do not notify me by December 13, 2001, that you will need to make up the final exam, I will have no choice but to give you a zero for the final exam.

EXERCISES:  Each week except for exam nights, exercises will be assigned from the text or from other sources.  The assigned exercises will be graded and must reflect your own work.  Feel free to ask for clarification of concepts that you do not understand.  We can also work through similar problems.  But the work on the assigned exercises that you send to me must be your own work.  Show your work and explain your answers to all questions.  Each exercise will be given a score of 0 to 10.  The two lowest exercise scores will be dropped so that the maximum total exercise score will be 100.

CHEATING: Cheating on an exam or a quiz may lead to an grade of F for the course.  Note that the Student handbook considers allowing someone to copy from your work as a form of cheating.

DROPPING THE COURSE:  If you find that it is in your best interest to withdraw from the course, be sure to file the necessary withdrawal form and give it to the Registrar's Office.  If you simply stop coming to class without filling out the form, you will receive zeroes for the uncompleted work and I will probably have to give you an F for the course--not a W.  The last day to drop a course if you want to remain in other courses is October 22, 2001.  The last day to drop all of your courses is November 19, 2001.

GRADING:  Your grade for the course will be your grade for the course will be determined by a weighted average of four things: your three exam scores, and the sum of your ten best exercise scores.  The weights are as follows:
 

Attendance will have no direct effect on your grade.  Letter grades will be assigned according to the following scale:
 

In borderline cases (which I define as having a weighted average within one-half point of one of the numbers above), I will decide whether to give you the higher grade based on an apparent trend in your grades, the nature of your questions and comments during class, your attendance, and my subjective opinion of you as a student.  You must have gotten the higher grade or better on an exam to receive the higher grade for the course.

DISABLED STUDENTS:  Any student with a documented disability needing academic adjustments is requested to directly notify Disability Support Services and the instructor of such needs as early in the semester as possible (preferably within the first week of class).  All discussions regarding needs and disabilities will remain confidential.