Stevens Institute of Technology
Howe School of Technology Management
Syllabus
MGT 606
Economics for Managers
Semester: Fall 2014
Day of Week/Time:
Instructor Name & Contact Information:
Dr. Alex Panayides
Alex.Panayides@stevens.edu
Office Hours:
Class Website:
Overview
This course introduces managers to the essence of business economics – the theories,
concepts and ideas that form the economist’s tool kit encompassing both the
microeconomic and macroeconomic environments. Microeconomic topics include
demand and supply, elasticity, consumer choice, production, cost, profit maximization,
market structure, and game theory while the Macroeconomic topics will be GDP,
inflation, unemployment, aggregate demand, aggregate supply, fiscal and monetary
policies. In addition the basic concepts in international trade and finance will be
discussed.
Relationship of Course to Rest of Curriculum
It is important for managers to have a solid understanding of the economic climate within
which their business operates along with an understanding of the economic factors
involved in internal decision making. MGT 606 covers macro and microeconomics and is
one of several courses, including accounting, finance and marketing, in the MSM and
MBA programs, that together constitute the fundamental business disciplines.
Learning Goals
After successfully completing the course, students will be able to
1. Use supply and demand to explain various economic phenomena and principles.
2. Explain the measurement and importance of GDP, inflation, unemployment, money,
and trade. Explain the economic meaning of price, elasticity, and production costs.
Describe the cause and effect of changes in all of these variables.
3. Draw and analyze cost and revenue curves that maximize profit. Discuss differences
and critically analyze the pros and cons of different market structures, including
competitive, monopolistic and oligopolistic markets.
4. Read and explain the content of economic materials from a secondary source (such as
the Wall Street Journal, New York Times, etc.) Relate economic concepts to these
real world events and critically evaluate the impact of economic policy.
Pedagogy
The course will employ lectures, class discussion, individual homework, case studies, and
two exams that will test the students’ grasp of the concepts covered in the course, as well
as their ability to apply those concepts. In the homework assignments, students will apply
the concepts covered in the course to business problems. In the case studies, they will
apply those concepts to a business issue reported in the case.
Required Text(s)
Principles of Economics (11th Edition), by Karl Case, Ray Fair and Sharon Oster.
Prentice Hall
Required Readings
None
Additional Readings
Material related to the case studies will be distributed in class.
The class is divided into groups and each group receives two micro-based case studies
and one macro-based project which they present to the class.
Assignments
Assignment
Grade
Percent
20
Homework Assignments
Case Studies/Project
Mid-Term Exam
Final Exam
Total Grade
30
25
25
100%
Tentative outline
1
Topics Covered
Introduction to
Economics. Demand and
Supply.
Readings
Textbook Chapters 1-4
Assignments
End of chapter problems from
the text book.
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2
Elasticity
3
Consumer Choice
4
Production and Cost
5
Profit, Perfect
Competition, Monopoly,
and Monopolistic
Competition.
6
Oligopoly and Game
Theory
7
Game Theory continued
8
Introduction to
Macroeconomics
Textbook Chapters 20-22
9
Aggregate Expenditure
Textbook Chapter 23
10
Fiscal Policies
Textbook Chapter 24
11
The Money Market
Textbook Chapter 25
12
Monetary Policies
Textbook Chapter 26
13
Aggregate Demand and
Aggregate Supply
Textbook Chapters 27-28
14
The Labor Market
Textbook Chapter 29
Textbook Chapter 5
End of chapter problems from
the text book plus an
additional problem set
provided by the instructor.
Textbook Chapter 6
End of chapter problems from
the text book.
Textbook Chapters 7-10
End of chapter problems from
the text book.
Textbook Chapters 12, 13, End of chapter problems from
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the text book plus an
additional problems provided
by the instructor.
Textbook Chapter 14
End of chapter problems from
the text book plus an
Instructor's notes
additional problem set
provided by the instructor.
Instructor's notes
Mid-term exam (Take Home).
End of chapter problems from
the text book. Presentations:
Cases 1 and 2.
End of chapter problems from
the text book. Groups
Presentations: Cases 3 and 4.
End of chapter problems from
the text book. Groups
Presentations: Cases 5 and 6.
End of chapter problems from
the text book. Groups
Presentations: Cases 7 and 8.
End of chapter problems from
the text book. Groups
Presentations: Cases 9 and 10.
End of chapter problems from
the text book. Groups
Presentations: Macro Projects
1 and 2.
Final exam (Take Home).
Groups Presentations: Macro
Projects 3, 4 and 5.
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Ethical Conduct
The following statement is printed in the Stevens Graduate Catalog and applies to all
students taking Stevens courses, on and off campus.
“Cheating during in-class tests or take-home examinations or homework is, of course,
illegal and immoral. A Graduate Academic Evaluation Board exists to investigate
academic improprieties, conduct hearings, and determine any necessary actions. The
term ‘academic impropriety’ is meant to include, but is not limited to, cheating on
homework, during in-class or take home examinations and plagiarism.“
Consequences of academic impropriety are severe, ranging from receiving an “F” in a
course, to a warning from the Dean of the Graduate School, which becomes a part of the
permanent student record, to expulsion.
Reference:
The Graduate Student Handbook, Academic Year 2003-2004 Stevens
Institute of Technology, page 10.
Consistent with the above statements, all homework exercises, tests and exams that are
designated as individual assignments MUST contain the following signed statement
before they can be accepted for grading.
____________________________________________________________________
I pledge on my honor that I have not given or received any unauthorized assistance on
this assignment/examination. I further pledge that I have not copied any material from a
book, article, the Internet or any other source except where I have expressly cited the
source.
Signature ________________
Date: _____________
Please note that assignments in this class may be submitted to www.turnitin.com, a webbased anti-plagiarism system, for an evaluation of their originality.
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