Econ 3125
MANAGERIAL ECONOMICS
ECON 3125, SPRING 2012
Dr. Carol Swartz
217A Friday Building
[email protected]
704.687.7603
RESOURCES
Swartz Office Hours
W 10:00 – 11:30 am, 1:00 – 4:30 pm and by appointment.
The Teaching Assistant for this course is Ms. Alesha Sullivan. Her office is 218A. Her email is
[email protected]. Her office hours will be announced in class and posted on her office door.
There is an active Moodle site for this class. Go to moodle.uncc.edu and log in using your 49er Express
login.
INTRODUCTION
Description: This course uses economic tools to analyze decisions managers make about their
business. We consider economic decisions of particular interest to businesses, e.g., demand and
estimation, cost analysis, and pricing policies. By further developing economic ideas introduced in your
Principles of Microeconomics class, we analyze questions of the optimal level of production, pricing, and
competitive positioning of the business.
Objective: You will acquire a sophisticated knowledge of microeconomic tools and the ability to explain
these tools in words, using graphs, and using equations. You will be able to apply this knowledge of
microeconomics and the techniques acquired in this course and its prerequisite courses to recommend
efficient managerial decisions.
Prerequisites : ECON 2102, MATH 1120 or 1241, STAT 1220, and INFO 2130. It is assumed that you
not only completed these courses but that you also mastered the material. Students with deficient
backgrounds will need to commit extra time to this course.
Required Materials: Managerial Economics by Samuelson and Marks, 6th edition.
Recommended Materials: The Study Guide to accompany Samuelson and Marks provides sample
multiple choice questions and additional problems for each chapter.
The more you know about current events as well as political and economic issues, the more you will get
out of the course. Consider reading the Wall Street Journal, The Economist, or Business Week. You
may also find segments of PBS News Hour (pbs.org/newshour) and Charlie Rose (charlierose.com) of
interest.
UNIVERSITY POLICIES
It is your responsibility to be fully and accurately informed of University policies, including, but not limited
to, rules regarding dropping and adding courses, graduation requirements, and student conduct. The
Dean of Students Office is the authoritative source for these policies.
The UNC Charlotte Code of Student Academic Integrity will be actively enforced in this course. The
code forbids cheating, fabricating or falsifying information, submitting academic work for multiple
requirements, plagiarizing, abusing academic materials, and complicity in academic dishonesty. Any
special requirements or permissions regarding academic integrity will be stated by the instructor and are
binding on you. You are expected to report cases of academic dishonesty to the course instructor.
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Syllabus
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Econ 3125
If you have a disability that affects your ability to do the work in this course, please contact the Office of
Disability Services to obtain a Letter of Accommodation. The office is 230 Fretwell and the phone number
is 7.4355.
The Belk College of Business strives to create an inclusive academic climate in which the dignity of all
individuals is respected and maintained. Therefore, we celebrate diversity that includes, but is not limited
to ability/disability, age, culture, ethnicity, gender, language, race, religion, sexual orientation, and socioeconomic status.
EXPECTATIONS OF STUDENTS: ECONOMICS IS ALL ABOUT CHOOSING.
You are expected to attend class. This is the equivalent of showing up for work. Attendance is
necessary but not sufficient for success.
You are also expected to be prepared for each class meeting. Being prepared means having read the
assigned material BEFORE the class meeting AND acquiring the specialized vocabulary needed to
communicate the concepts and analysis. It's a good idea to work the study guide material corresponding
to the assigned reading.
If you miss a class, you are responsible for all announcements and material covered in the class. Check
with your classmates, not the instructor, to get the notes, assignments, announcements, and other
information from the class you missed.
Students generally find this a difficult and demanding course. As a Junior level class with significant
prerequisites, the course builds on knowledge you should have acquired in those classes. This course is
designed to develop and test more advanced understanding and application than an introductory course
requires.
In addition to time spent in class, you should plan to spend at least 6 hours per week studying.
Additional time will be required if your prerequisite skills are weak. Additional time is also required to
prepare for exams. If you are not prepared to devote this time, week after week, it is recommended that
you reschedule this course for a semester when you have more time available.
The final exam is comprehensive and may reduce a student's grade by a full letter grade or more if the
student has crammed for the hour exams. You have an opportunity to learn the material in a way that will
increase the chances of success on the final. Optimize.
Finally, you are responsible for solving your own computer problems. The instructors are not your
technical support help desk. If you are having difficulty, call the help desk at 7 – 6400.
CLASSROOM CONDUCT
Minimize external costs: You are expected to arrive on time for class and to stay for the entire class.
You are expected to refrain from side conversations during the class. Do not leave the class to visit the
vending machines, visit with friends, make a phone call, rob a bank, or any other reason. Your actions
have consequences for others, so limit your footprint, please.
Your colleagues are generally as addicted to screens as you are. The mere appearance of an active
screen is a distraction to everyone around you. If you plan to use a computer, tablet, or phone during
class, please sit in the back of the room to minimize your impact on others.
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Syllabus
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Econ 3125
STATEMENT OF EDUCATIONAL PHILOSOPHY: THIS IS YOUR EDUCATION.
You are beginning your transition from the academic world to your first career. It is important to your
future success that you build and strengthen habits of self reliance. You gain nothing from being told the
answer. You must learn to work through problems on your own if you are to succeed in business. An
employee who repeatedly asks her supervisor what to do and what to decide will soon discover that it is
easier for the manager to do the work herself – without the employee.
The ultimate goal of a college education is to develop independent learning skills and to cultivate a desire
for lifelong learning. Each of you will likely face several career changes over your lifetime with each
change presenting new challenges and requiring a new set of abilities. Perhaps the most important
benefit that you can take from college is the ability and confidence to learn independently. It is important
to develop problem-solving skills, including the ability to identify resource gaps and fill them and to
evaluate the proposed solution for its correctness and relevance to the problem.
No purpose is served by requiring tasks based solely on memorizing material presented in class. The
purpose of an education is not to pass tests. Be resourceful in trying to solve your problems before
contacting the instructor. You may be asked to explain the approaches you have already attempted.
Learning is an inherently cumulative and self-managed activity. Each student is responsible for
identifying and correcting his/her skill deficiencies as they relate to this course. These skills may be the
correct use of capitalization and other grammatical conventions, arithmetic and algebraic facility, time
management skills, or exercising self control in the classroom.
GRADES
Grades will be based on the following events:



Hour exam grades (3 exams, 100 points each)
Graded homework problems (4 problems, 20 points each)
A cumulative final exam (200 points).
Exams: The hour exams and the final exam will be multiple choice questions. The hour exams will have
a maximum score of 105 points and the final exam will have a maximum score of 210 points. Raw scores
(not percentages) will be recorded.
Barring acts of God or university closure, the exams will be given on the date scheduled. If an exam is
not given on the date scheduled, it will be given in the next class meeting. Adjust your social and
professional schedule accordingly. If you cannot make the necessary adjustment in your schedule,
please take the course in a semester when you have time to meet the course requirements.
Each of your hour exam grades count toward your final course grade. In business, your biggest mistake
is not overlooked. It is the grounds for your dismissal.
Other Grades: Each of your homework grades count toward your final course grade. There are no
make-ups or excuses for homework assignments. Assignments are published a week in advance.
Missed Exams: You are expected to take each of the three hour exams and the final exam. If you miss
an exam you will be given a grade of 0. The missed exam will be subject to the grade replacement policy
described below. There is no distinction made in this course for exams missed for a "good" reason and
exams missed for a "bad" reason. All missed exams are treated the same.
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Syllabus
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Econ 3125
Since the exams are given on the date indicated on the syllabus, it is your responsibility to prepare in
advance for challenging circumstances such as having exams in other courses on the same day.
Final Exam: All students are required to take the final exam. It is a comprehensive, cumulative, allinclusive exam covering all the material from this course.
Grade Replacement Policy: The final exam is divided into four sections, one for the material covered by
each of the three hour exams and one for the material covered since the third hour exam. If your grade
on a section of the final is greater than your grade on the corresponding hour exam, the grade from the
final will be substituted for the hour exam grade. There is no limit on the number of substitutions allowed.
This grading system rewards students who learn and retain the material by the end of the semester.
Substitution in the other direction is not permitted. You will not be rewarded for forgetting material before
the end of the semester.
Course Grades: Grades will be assigned based on your course POINTS according to the following
scale:
Course Grade
A
Cumulative Points
+
522
B
C
D
F
464 - 521
406 - 463
348 - 405
Less than 348
COURSE SCHEDULE
Date
Day
10 Jan
Tu
Chapter 1 Introduction to Economic Decision Making
Lemonade Stand assignment
12 Jan
Th
Chapter 4 Estimating and Forecasting Demand
Discussion of Lemonade Stand results, assignment #2
17 Jan
Tu
Chapter 4 Estimating and Forecasting Demand
Discussion of Lemonade Stand results; assignment #3
19 Jan
Th
Chapter 4 Estimating and Forecasting Demand
Homework 1 available on Moodle
19 Jan
Th
Last day to add
24 Jan
Tu
Chapter 4 Estimating and Forecasting Demand
26 Jan
Th
Chapter 4 Estimating and Forecasting Demand
Homework 1 due on Moodle
31 Jan
Tu
Exam 1
2 Feb
Th
Chapter 2 Optimal Decisions Using Marginal Analysis
7 Feb
Tu
Chapter 2 Optimal Decisions Using Marginal Analysis
9 Feb
Th
Chapter 2 Optimal Decisions Using Marginal Analysis
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Syllabus
Class Content
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Econ 3125
Date
Day
14 Feb
Tu
Chapter 2 Optimal Decisions Using Marginal Analysis
Chapter 3 Demand Analysis and Optimal Pricing
16 Feb
Th
Chapter 3 Demand Analysis and Optimal Pricing
Homework 2 available on Moodle
21 Feb
Tu
Chapter 3 Demand Analysis and Optimal Pricing
23 Feb
Th
Chapter 3 Demand Analysis and Optimal Pricing
Homework 2 due on Moodle
28 Feb
Tu
Exam 2
1 March
Th
Review
6 March
Tu
Spring Break
8 March
Th
Spring Break
13 March
Tu
Chapter 5 Production
15 March
Th
Chapter 5 Production
19 March
M
Last day to withdraw
20 March
Tu
Chapter 5 Production
22 March
Th
Chapter 5 Production
27 March
Tu
Chapter 5 Production
Chapter 6 Cost Analysis
29 March
Th
Chapter 6 Cost Analysis
Homework 3 available on Moodle
3 April
Tu
Chapter 6 Cost Analysis
5 April
Th
Chapter 6 Cost Analysis
Homework 3 due on Moodle
10 April
Tu
Exam 3
12 April
Th
Chapter 7 Perfect Competition
17 April
Tu
Chapter 8 Monopoly
19 April
Th
Chapter 8 Monopoly
Homework 4 available
24 April
Tu
Chapter 9 Oligopoly
26 April
Th
Chapter 9 Oligopoly
Homework 4 due on Moodle
C. Swartz
Syllabus
Class Content
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Econ 3125
Date
Day
1 May
Tu
Q&A
2 May
W
Reading day
8 May
Tu
Final exam for 6:30 pm class
8:00 to 10:30 pm
10 May
Th
Final exam for 12:30 pm class
11:00 am – 1:30 pm
12 May
C. Swartz
Syllabus
Class Content
Commencement
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Jan 12