LeMoyne-Owen College
Business
ADCP309 Managerial Economics, Section O, P, Q
Spring 2012
Instructor:
Office Room:
Office Phone:
Dr. Kusum Singh
Renaissance Center, Suite 202
901-435-1251
Office Hours: Mon, Wed: 10:00 a.m. – 12.00 p.m. & 3:00 p.m. – 4:30 p.m.
Friday: 10:00 a.m. – 12.00 p.m. & 3:00 p.m. – 4 :00 p.m.
Email Address: kusum_singh@loc.edu
Credit Hours:
Prerequisites:
3
N/A
Syllabus
Text: Issues in Economics Today, Sixth Edition, Robert C. Guell
ISBN number: 978-0-07-352323-1
Supplemental Materials: Calculators
Course Description:
This course provides an overview of basic economic principles and their application to a single business unit. Some case studies are used.
College Graduate Competencies:
The two college graduate competencies (CGC) that are directly addressed in ADCP309 are:
1. Think creatively, critically, logically, and analytically using both quantitative and qualitative methods for problem solving;
2. Appreciate, understand, now and pursue the principles, methods and subject matter that underlie the major discipline(s);
Course Objectives:
The purpose of this course is to provide students with a basic understanding of the economic theory and analytical tools that can be used for many facets of business decision making. Students will learn to use economic models to isolate the relevant elements of a managerial problem, identify their relationships, and formulate them into a managerial model to which decision making tools can be applied.

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Attendance Policy: In accordance with college policy, classroom attendance is required.
The following standard will be applied:
1.
If unexcused absences total 15% of the regularly scheduled class meetings, the instructor has the authority to lower the final grade by one letter.
2.
If unexcused absences total 20% of the regularly scheduled class meetings, the instructor has the authority to give a failing grade.
3.
Five tardiness—arrival to class five minutes after class has begun—will equal one unexcused absence.
Technology Use: LeMoyne-Owen College is committed to enhancing student learning through the use of a variety of applicable technology.
In this course, students will use or be exposed to [software and/or hardware].
Demeanor: Suitable demeanor, posture and attire are required. For guidelines and the dress code, please refer to the 2011/2012 Student Handbook (8-9; 13).
Classroom Policies and Procedures:
The classroom learning experience provides opportunities for faculty and students to engage in interactive exchanges of course content. To facilitate this exchange, the following guidelines are provided:
1. Because each class session covers vital material and information, it is important that students arrive on time to each class session.
2.
In order to enhance students’ performance and confidence in acquiring the material, it is critical that students come to each class session prepared. This includes bringing to class required texts, supplemental materials, and assigned work, which is provided on the course outline.
3. In order to limit unnecessary distractions which would deter learning, cell phones, multi-media devices, and laptops are required to be turned off or on vibrate when class is in session, except by permission of the faculty.
Faculty reserve the right to apply penalties for noncompliance to either or all of the above guidelines.
Assignments and Submission Requirements:
1.
Homework assignments need to be submitted by hard copy to the instructor before class starts on the due date.
2.
Research paper needs to be submitted by hard copy or by email to the instructor before class starts on the due date.
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Because of the accelerated nature of this class, students in this cohort will be expected to complete 20-25 contact hours outside of class on group assignments and/or projects.
Assessment and Submission Requirements:
There are 4 ways in which students can earn grade points in this class: Research paper,
Exams, Homework assignment and Quizzes.
Policies Related to Students with Disabilities:
If you need course adaptations or accommodations because of a disability, if you have emergency medical information to share, or if you need special arrangements in case the building must be evacuated, please make an appointment with Jean Saulsberry, Director of Student Development, as soon as possible at (901) 435-1727. The Student
Development Office is located in the Alma C. Hanson Student Center, Room 208.
Grade Scale: 90-100 A; 80-89 B; 70-79 C; 60-69 D; 59 & Below F
Student Performance Evaluation:
Grading in the course will be based upon the following categories:
Research Paper: 25%
Midterm Exam: 20%
Final Exam: 20%
Quizzes: 15%
Homework: 15%
Class Participation and Attendance: 5%
LeMoyne-Owen College Graduate Competencies (CGC)
LeMoyne-Owen College graduates should be able to:
1. Think creatively, critically, logically, and analytically using both quantitative and qualitative methods for problem solving;
2. Communicate effectively (listen, speak, read, and write) on formal and informal levels;
3. Distinguish, clarify, and refine personal values for the attainment of richer selfperception and relate those values to the value system of others;
4. Appreciate, understand, and know the foundations of the Afrocentric perspective;
5. Appreciate, understand, and know the foundations of diverse cultures in the context of a global community;
6. Appreciate, understand, now and pursue the principles, methods and subject matter that underlie the major discipline(s);
7. Accept social responsibility and provide service to humankind;
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8. Maintain levels of literacy that allow them to understand the impact of science and technology on individuals, society, and the environment;
9. Attain motivational, personal management, interpersonal skills, professional development and research experience, as well as resourcefulness that will form the basis for a career and/or further educational experiences;
10. Attain critical skills, frame of reference, and understanding needed to appreciate and discriminate between artistic achievements.
ADCP309 Managerial Economics
Course Outline
You are expected to read the assigned chapters before class and be prepared for in-class participation/discussion. There are two exams : midterm exam and final exam .
The exams will cover material from class, the text, quizzes and any assigned outside readings. Each exam will consist of a combination of multiple-choice questions and short-answer essay/problem questions.
The dates for the exams are:
Midterm Exam: Third session of the Managerial Economics class
Final Exam: Last day of the Managerial Economics class.
There will be no make-up exams . Similarly, there will be no make-up quizzes and homework assignments . There will be 4 quizzes and 4 homework assignments , but I will only take your best 3 quizzes and best 3 homework assignments . Moreover, I will ask you to write a four-to-five page (12 point font, double-spaced) research paper , in which you analyze a particular company or industry of your choice and apply the concepts of at least three of the chapter topics to that company or industry. To complete this assignment, you should work in groups of 3 to 5 people . Thus, you should give me your group members’ names by the second class day
of this course. The topic of your paper is due on the third day of this course . The research paper is due on the last day of the class.
In addition, since regular class participation and attendance are expected and are important to the learning experience, a roll will be taken in each class. Do note that participation and attendance account 5% of your final grade .
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Course Topics
Tentative Schedule

Math Review
Graph
Formula

Demand and Supply
The Demand Side of the Market
The Supply Side of the Market
Market Equilibrium
The Effect of Demand and Supply Shifts on Equilibrium

Elasticity
Price Elasticity of Demand
Determinants of Price Elasticity of Demand
Relationship between Price Elasticity of Demand and Total Revenue
Other Demand Elasticities

Production and Costs
Production Function
The Short Run and the Long Run in Economics
Law of Diminishing Returns to a Factor
Short-Run Cost Analysis
Long-Run Cost Analysis
The Concept of Opportunity cost
Explicit and Implicit Costs
 Market Structure: Perfect Competition
Competitive Markets
Profit Maximization under Competitive Conditions in the Shot Run
Market Supply in a Competitive Market
Profit under Competitive Conditions
Efficiency and Competitive Markets
 Market Structure: Monopoly
The Characteristics of Monopoly Markets
Types of Monopolies
Natural Monopolies
Social Costs and Benefits of Monopolies

Market Structure: Monopolistic Competition and Oligopoly
The characteristics of Monopolistically Competitive Markets
Equilibrium and Efficiency in Monopolistically Competitive Markets
Oligopolies and their Characteristics
Oligopoly Models and Duopolies
Game Theory: The Prisoner’s Dilemma Model
Instructor reserves the right to add or subtract assignments or assessments.
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Instructions for Company or Industry Analysis Assignment
A major (25%) portion of your grade in this course will come from your analysis of a particular company or industry of your choosing. To make the assignment more interesting and complete, you should work in groups of 3 to 5 people . Hence, I need your group members’ names by the second class day of this course. Moreover, to prevent the “free rider” problem in this group work assignment, I provide you with a peer evaluation form . Your grade in this assignment will depend on the quality of your paper as well as feedback from your peer reviews (that is, peer evaluation form) . This assignment is due on the last day of the class. However, note that the topic of your research paper is due on the third day of the class . You get 5 points for submitting your paper topic on the third day of the class.
Your assignment is to select a particular company or industry that you have some interest in, and to research that company or industry so that you become something of an expert.
Sources that you might use for your research include library and internet resources, as well as discussions with persons knowledgeable about the industry.
Your research should focus concepts of at least three of the chapter topics that apply to the company or industry. Moreover, you should convey your research findings in a business-style memorandum. Imagine that you have been given the assignment to research a particular company or industry because a large corporation (your client or employer) is thinking about investing in this company or industry. You should write a four-to-five page memorandum (12 pt. font, double-spaced) addressed to the executive committee. Make sure that you appropriately cite all of the outside references that you use , because the company will not want to make an important decision based on unreliable sources or flimsy evidence and research.
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Peer Evaluation Form: Individual Contribution to Group Project
Using the scale below, individually rate each member of your group project, including you .
1 = Strongly Disagree 2 = Disagree 3 = Agree 4 = Strongly Agree
Name of Group Members
Attended Group Meetings
& Responded to Emails
Actively Participated in
Group Meetings
Flexible for Meeting Times
Worked well with Group
Members
Willing to Accept Work
Completed Assigned Work on Time
Proofread & Wrote Portions of Report
Enthusiastic & Took
Initiative
Added Considerable Value to the Project
Sum of Above
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