Stevens Institute of Technology
Howe School of Technology Management
Syllabus
EMT 606
Economics for Managers
Semester: 2014
Day of Week/Time:
Instructor name & Contact Information:
Alex Panayides
Alex.Panayides@stevens.edu
Office Hours:
Class Website:
Course Description
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.
Course Objectives
EMT 606 falls under Functional Business Management, one of the six strategic themes
encompassing the MSTM program.
 Strategy – Business & Technology
 Leadership & Teaming
 Global Business & Markets
 Innovation - Creativity & Design
Thinking
 Functional Business Management
 Integrated Business Simulation
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.
Additional learning objectives include the development of:
Communication skills: The class is divided into four groups and each group receives
two micro-based case studies and one macro-based project which they present to the class
starting at week 3 and write a report about each case/project. All reports must have been
submitted by the end of the course.
Team Skills: Students work together in teams to analyze two micro-based case studies
and one macro-based project.
Analytic Problem-Solving Skills: Students learn 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.recommended direction.
Course Outcomes:
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. Be able to describe the cause and effect of changes in all of
these variables.
3. Draw and analysis 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
three 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 and Business Strategy (9th edition), by Karl. Case, Ray Fair
and Sharon Oster. Published by Prentice Hall. ISBN-13: 978-0136055488
Required Readings
None
2
Additional Readings
Material related to the case studies will be distributed in class
Assignments
The class is divided into four groups and each group receives two micro based case
studies and two macro based projects which they present to the class starting at week 3
and write a report about each case/project which is due at the end of the course.
Assignment
Homework Assignments
Grade
Percent
10
Case Studies
Mid-Term Exam
Final Exam
Total Grade
40
25
25
100%
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
3
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.
Course Schedule
Week
1
Topics Covered
2
Elasticity
and Textbook Chapters 5-6 End of chapter problems from the text
Consumer Choice
book plus an additional problem set
provided by the instructor.
3
Production,
and Profit
4
Market Structure
5
6
Introduction
Economics
Readings
Assignments
to Textbook Chapters 1-4 End of chapter problems from the text
book plus an additional problem set
provided by the instructor.
Cost Textbook Chapters 7- End of chapter problems from the text
11
book plus an additional problem set
provided by the instructor. Groups
Presentations: Cases 1 and 2.
Text book Chapters Mid-term exam (Take Home). Group
12-15
Presentation: Cases 3 and 4.
Game Theory
Instructor's notes
Problem set provided by the instructor.
Groups Presentations: Cases 5 and 6.
Introduction
to Textbook Chapters 20- End of chapter problems from the text
Macroeconomics
22
book plus an additional problems
provided by the instructor. Groups
Presentations: Cases 7 and 8.
7
Aggregate
Textbook Chapters 23- End of chapter problems from the text
Demand,
Fiscal 28
book plus an additional problem set
and
Monetary
provided by the instructor. Groups
Policies
Presentations: Macro Projects 1 and 2.
8
International
Trade and Finance
Textbook Chapters 34- Final exam (Take Home). Group
35
Presentations: Macro Projects 3 and 4.
4