WINTHROP UNIVERSITY
College of Business Administration
ECON 680 Managerial Economics
Spring 2014 Course Syllabus
Section 01 (21673) W 6:30 pm - 9:15 pm THUR 312
Professor: Dr. W. Lewis
Office: THUR 127
lewisw@winthrop.edu
Office Hours:
Monday and Wednesday
Phone: (803) 323-4623
Email:
2:00 pm – 6:00 pm
Other times are available by appointment only.
Catalog Course Description: This course applies analytical tools and economic reasoning to
recognize and solve business problems. Business strategies are used in different market
structures.
Prerequisites: ECON 670, or undergraduate waivers for ECON 215 and QMTH 205, or successful
completion of approved tests.
Required Text: Managerial Economics and Business Strategy by Michael R. Baye (McGraw-Hill
Irwin Publishers: 2012, Eight Edition) ISBN: 978-0-07-337568-7
Supplemental Materials: To facilitate the mastery of course material, additional handouts will be
presented in class.
Topics covered: Upon completion of the course, the student should have a thorough
understanding of the economic environment that firms operate in. The student should understand
the pricing and output decisions that firms make, as well as the role that costs play in determining
price and output. The student will be aware of government’s influence on all of the market
structures.
Teaching Methods: This is a predominately lecture-based course and is quantitative in nature. It
is expected that students have read the relevant chapters in the textbook prior to the lecture.
Grading:
Grades will be assigned based on the following scale:
Average
90 or higher
80 – 89.99
70 – 79.99
Below 70
Grade
A
B
C
F
Grades will be calculated based on the following assignments:
Exam One
= 20%
Exam Two
= 25%
Exam Three
= 30%
Quizzes
= 5%
Project
= 25%
Quizzes and homework will be conducted on Blackboard. The time period to take these quizzes
will be restricted. THERE ARE NO MAKEUP EXAMINATIONS OR QUIZZES.
MAKEUP EXAMS Only under exceptional circumstances will the professor give permission to take
a makeup exam. Students must have prior approval to miss an exam. If you have an approved
excuse based on instructor's guidelines for excused absences, you will have the points of that test
added to the final examination grade. Weddings, family commitments, early trips home or similar
reasons are not excused absences in this class.
Attendance: You are expected to attend all classes unless you are unavoidably prevented from so
doing. This is a challenging course for most students and class attendance is essential to
performance. If you have more than 2 absences, you will receive an "F" in the course. This grade
will replace any other grade earned by a student. Attendance will be taken at the beginning of
class. If a student has not arrived prior to roll call, said student will be marked as being absent. If
you are tardy to class or leave early, you will be assessed 1/2 absence for each occurrence. The
student is required to notify the instructor once the class has ended to change an absent mark to
tardy.
Student Disabilities:
Winthrop University is dedicated to providing access to education. If you have a disability and
require specific accommodations to complete this course, Services for Students with Disabilities at
323-3290. Once you have your official notice of accommodations from Services for Students with
Disabilities, please inform me as early as possible in the semester. Once you have your Professor
Notification Form, please provide me with a copy so I am aware of your accommodations at the
beginning of the course.
Student Conduct Code:
DO NOT GET CAUGHT CHEATING. Students caught cheating will receive an F in the course.
The policy on student academic misconduct is outlined in the Student Conduct Code Academic
misconduct Policy in the Student Handbook online
(http://www2.winthrop.edu/studentaffairs/handbook/StudentHandbook.pdf).
Assessment Responsibility-student learning outcomes
Course goals: ECON 680 provides an analysis of the factors that affect the structure and
performance of firms. Decision-making strategies for firms are examined. My goal in this course
is to teach you how to use economics to make better business decisions. Specifically, I want
you to develop comfort with the approaches that economists use to explain economic
phenomena as they relate to business management. When you finish this course you should
have an understanding of how to apply economic principles to daily managerial tasks.
WARNING: Economics is not a course that can be regurgitated. You must learn to apply the
concepts.
To achieve the course goals, students will be expected to:
1. Define and discuss the theory of firm behavior through class discussion, assignments, and
exam questions.
2. Define and discuss various market structures through class discussion, assignments, and
exam questions.
3. Define and discuss profit maximization through a research project and presentation.
Upon completion of this course students should be able to:
1. Explain the factors affecting the structure and performance of firms.
2. Explain the different market structures in which firms operate.
3. Apply decision-making strategies to firms in various market conditions.
Syllabus Change Policy
The posted syllabus is a contractual policy between the instructor and student. It is presumed that
every student has read the syllabus completely, understands his/her individual responsibilities, and
accepts full responsibility for meeting all course requirements as set forth therein. Should there be
a need to make a change in the posted syllabus, an announcement will be made in class and also
through the WINTHROP LISTSERV, well in advance of any change, the relevant change will be
incorporated into a syllabus marked revised as of the date of the revision, and the updated portion
of the syllabus will be distributed to class or announced.
Classroom Conduct
The students in this course are bound by the COLLEGE OF BUSINESS EXPECTATIONS
REGARDING PROFESSIONALISM IN THE CLASSROOM. In addition, in this classroom, the use
of laptops is permitted solely for the purpose of taking classroom notes. At any time, I may request
your laptop to be turned forward to verify appropriate use. Students who do not comply with this
request will be asked to leave the classroom. In addition, in this classroom, cell phones must be
turned off or silenced during class. Please be certain that you have an appropriate calculator for
completing work in class. Under NO circumstances may cell phones be used as substitutes for
calculators at any time in class or during exams.
Blackboard
Homework Assignments
You will complete daily graded online homework assignments through BLACKBOARD. They are
located in the Quizzes folder and are denoted by H followed by a number. For example, H1
represents homework assignment for chapter 1. Log into Blackboard with the same user name and
password as you use to login to Winthrop email. Each assignment will include about 10 exercises
from the relevant chapter. Each assignment has a 20 minute time limit.
Quizzes
You will complete an end of the chapter quiz to review the main points of each chapter. They are
located in the Quizzes folder and are denoted by Quiz followed by a number. For example, Quiz1
represents the quiz for chapter 1. Each quiz will include 5 exercises with a time limit of 5 minutes.
The date assigned will be the date we conclude a chapter. Unlike the homework assignments,
there is only one attempt to do the quizzes. Thus, you are advised to do the quizzes after
completing the homework. Quizzes will be automatically graded, based on the criteria set forth
under each quiz and may or may not be reviewed in class. MAKE SURE YOU ARE PREPARED
TO GET THE QUIZ DONE ON TIME – there is no grace period allowed.
It is your responsibility for getting your own computer issues resolved and any technical issues
resolved to be able to complete the Blackboard assignments. Contact Kimarie Whetstone at
whetstonek@winthrop.edu or by telephone at (803)323-2551. NO ADJUSTMENTS WILL BE
MADE TO YOUR BLACKBOARD GRADE FOR COMPUTER-RELATED GLITCHES THAT
RESULT IN YOUR INABILITY TO COMPLETE AN ASSIGNMENT ON TIME. Plan ahead and do
them in plenty of time so you have an opportunity to re-enter the system to complete the
assignment should you have some technical issue, which kicks you out of the system before
submitting your answer.
Tentative course schedule
Chapter 1 Fundamentals of Managerial Economics
Jan 15
Chapter 2 Market Forces: Demand and Supply
Jan 22
Chapter 3 Quantitative Demand Analysis
Jan 29
Chapter 4 The Theory of Individual Behavior
Feb 5th
th
Exam One
Feb 12 Feb 19th
Feb 26th
Feb 26th and Mar 5th
Mar 5th
Chapter 5 Production and Cost
Chapter 6 Organization of the Firm
Chapter 7 The Nature of Industry
Exam Two
Course withdrawal deadline:
Mar 12th
Wednesday, March 12
Spring Break
March 17-21
Chapter 8 Managing in Different Market Structures
Chapter 10 Game Theory: Inside Oligopoly
Chapter 11 Pricing Strategies for Firms with Market Power
Chapter 13 Advance Topics in Business Strategy
Mar 26th
Apr 2nd
Apr 9th
Apr 16th
Exam Three
Apr 23rd
Presentations
Apr 30th at 6:30 pm