SYLLABUS

Managerial Economics

ECO 3100 — Section 001

 

C. R. Thomas

MW 9:30 – 10:45 – 1:45

Spring 2004

BSN 2300

 

Course Description of Managerial Economics

Managerial Economics examines the fundamentals of making a variety of business decisions.  This course applies microeconomic analysis that you learned in Principles of Microeconomics (ECO 2023) to study such business topics how to estimate and forecast demand, estimate production costs, determine how much of a good or service to sell, set product price using a variety of product pricing methods and strategies.  Managerial Economics provides a number of economic concepts and tools employed in other business courses, such as accounting, finance, marketing, management, operations research, and statistical methods for business decision making.

 

Required Textbooks and Software

Maurice, S. Charles and Christopher R. Thomas, Managerial Economics, McGraw-Hill, 7th edition, 2002.

Thomas, C. R., Student Workbook for Use with Managerial Economics, 7th edition, 2002.

STATISTIX 7 (Student Version).  This statistical software comes shrink-wrapped with some of the new textbooks sold at the USF Bookstore (The Bookstore also sells the software separately).  STATISTIX 7 is also available (for free) on the PCs in the Business Computing Center located on the second floor of the Business Building (BSN).  Students taking Business Statistics at USF may already have copies of STATISTIX 7, as it is frequently used at USF in the two business statistics courses.

 

Prerequisites for Course

1.                  You must be proficient in college algebra and graphical analysis. 

If you have not mastered the high school math reviewed in “Fundamental Mathematics” (pp. 1-18 of the Student Workbook to Accompany Managerial Economics), then you will NOT be able to pass this course.  You should take a review course and LEARN College Algebra (College Algebra is mostly high school algebra taught at the college level). 

Principles of Microeconomics – ECO 2023

If you do not remember a substantial amount of your microeconomics course, then you should repeat ECO 2023 before attempting this course.  Managerial Economics is NOT a rehash of ECO 2023; rather ECO 2023 serves as the foundation course for Managerial Economics.  Specifically, you are expected to have a principles-level understanding of demand and supply analysis, demand elasticity, theory of production and cost, and pricing and output decisions under various types of market structures (e.g., perfect competition and monopoly). 

NOTICE:  You may NOT take ECO 3100 Managerial Economics for credit if you have already taken ECO 3101 Price Theory.

 

Grading Policy

1.                  Grades are determined on the basis of THREE exams.

2.                  No “Incompletes” will be given except in the case of an excused absence for the FINAL EXAM, as described below.  If you miss TWO Exams, even if you have valid excuses for both exams, you must withdraw from the class or receive a grade of F (not an I grade).  A student who does not take TWO of the first three exams cannot receive a grade of “I” under any circumstances. 

Thus, your Course Average is computed as follows:

       

 

Letter grades are then assigned using a STRICT system based on your ROUNDED Course Average and the following rule:

 

IF rounded Course Average greater than 89 THEN Course Grade = “A”

IF rounded Course Average between 80 and 89 THEN Course Grade = “B”

IF rounded Course Average between 70 and 79 THEN Course Grade = “C”

IF rounded Course Average between 60 and 69 THEN Course Grade = “D”

IF rounded Course Average less than 60 THEN Course Grade = “F”

 

Exams

1.                  Exams are composed of fill-in-the-blank, short-answer, and quantitative problems.  Some of the Exams will require the use of a computer and the statistical software package, STATISTIX 7.  (This computer work is done prior to the exam and may be turned in with the exam.)  During exams, you will be allowed to have one 4” x 6” card for formulas. 

2.                  Preparation for the exams requires careful reading and UNDERSTANDING of the assigned readings in the textbook and an ability to work and UNDERSTAND the assigned homework problems from the textbook and student workbook.  In other words, I expect students to learn not only HOW to make business decisions but also WHY particular methods and procedures yield desirable outcomes.

3.                  You may use a graphing calculator on exams, but no computers (laptop or otherwise) nor calculators with alphabetic keyboards can be used on exams or quizzes.

4.                  You may NOT go to the restroom during exams.  If this is a problem for you, you must provide me with medical documentation of this problem during the FIRST WEEK OF CLASS.  Exams last 2 hours, so plan your coffee intake accordingly.

5.                  EXAMS are NEVER, EVER given early or late.  You must take your exam at the time and date everyone else takes the exam.  This applies to you even when: your car breaks down, your uncle wins the lottery, your roommate’s grandmother dies, your dog dies or simply runs away from home, and so on.  I have never made an exception in 22 years. 

 

 

Attendance Policy

1.                  Attendance at all class meetings is officiallly mandatory. 

2.                  Should you need to miss a class, it is your responsibility to ask a classmate about what you missed and to obtain class notes.  I do NOT provide class notes since I follow the textbook very closely.  I do, however, provide a reading list, homework assignments, and class schedule with this syllabus and on the web site that tell you what you missed on any specific day.  

 

Makeup Policy for Exams

1.                  Absences for exams will be excused only by prior arrangement except for emergency situations.  If you are ill, call my office (974-6546) before the exam or send me an e-mail message (cthomas@coba.usf.edu) before the exam. 

2.                  Illness is a valid excuse for missing an exam provided that you have a note from your doctor on his or her letterhead stating that “you were too sick to be present for the exam.”  My secretary verifies the authenticity of all doctor’s notes. 

3.                  A student receiving an ex­cused absence for either Exam 1 or Exam 2 will be allowed to take a SPECIAL comprehensive Exam 3 at the same time (and place) as the rest of the class takes their non-comprehensive Exam 3.  The SPECIAL comprehensive Exam 3 counts twice.

4.                  NO makeup exams are given for Exams 1 or 2.  An un­excused absence will result in a grade of 0 for the missed exam. 

5.                  The Exam 3 is required for completion of the course.

6.                  If you miss Exam 3 AND can meet the requirements set forth in #1 above, then you will receive an Incomplete grade (grade = “I”) in the course.  You must then take a makeup Exam 3 at a time and date to be mutually agreed upon. 

 

Academic Dishonesty

I follow a ZERO TOLERANCE rule for academic dishonesty and seek the maximum possible penalty in all cases -- a double F for the course, which cannot be removed from your record even if you drop the course.  Don’t even think about cheating.

 

Professor’s Office Hours

My “physical” office hours for this class are MW 11:00 – 12:00.  My office is BSN 3424.  I also hold “electronic” office hours almost every day of the week by answering email sent to cthomas@coba.usf.edu and by posting Frequently Asked Questions on the web page for this course.  Most students find the electronic office hours to be convenient and informative.

 

Web Site

You will want to be able to easily and regularly access the web site for this course at:

http://www.coba.usf.edu/departments/economics/faculty/thomas/teach.htm