Master Syllabus1

TROYUNIVERSITY
MASTERSYLLABUS
SORRELLCOLLEGE OF BUSINESS

ECO6655
Managerial Economics

TROY UNIVERSITY SCOB MISSION STATEMENT

The Sorrell College of Business (SCOB) prepares a diverse student body, drawn primarily from Alabama and surrounding states, to become successful, ethical and engaged business professionals with the knowledge to compete in the global business environment.

To achieve this our faculty, staff, and administration will:

Provide quality undergraduate and graduate education in global business through high-quality teaching;

Serve the university and engage with business and professional communities in our primary service area through individual involvement and our centers for research and outreach;

Grow and enhance the longstanding “culture of caring” for our traditional, nontraditional, military, and international students; and

Contribute to the creation of knowledge, with a focus on the scholarship of application and integration, and teaching and learning, complemented by basic and discovery scholarship in select disciplines.

TROY UNIVERSITY SCOB VISION STATEMENT

The Sorrell College of Business strives to be a renowned teaching-focused business college graduating GEEKS ready to succeed in business and life.

Prerequisites

BUS 5503 and BUS 5505 or Principles of Microeconomicsand Statistics or equivalents.

Description

A study of the decision-making process of business firms in the resource allocation process. Both the functioning of markets and the decisions of firms in a variety of market structures are considered. Various theories of the firm are used to study the optimal decision-making rules for business firms under conditions of uncertainty.

Objectives

On completion of the course, the student should be able to:

  1. Apply microeconomic models to real-world managerial problemsusing basic calculus techniques, as well as statistics and/or linear programming as appropriate. Use function maximization, minimization, and optimization to determine optimal price and production levels for a firm.
  2. Synthesize price theory, optimization, and elasticity concepts to solve managerial problemswithin the four market structures.
  3. Apply demand theory and estimation to managerial decision-making.
  4. Apply cost theory and estimation to product pricing and production levels.
  5. Demonstrate familiarity with the literature on microeconomics.
  6. Explain the concept, applications, and implications of competitive advantage, including the importance of aligning core products with core competencies and core values.

Purpose

To provide strong familiarity with the theories and quantitative techniques of managerial economics, i.e., applied microeconomic analysis. In particular, these theories and techniques will be used to show how optimal economic solutions are reached by managers who operate firms in various market environments. The aspects of economics which are relevant to the managerial decision-making processes are stressed. The basic techniques of calculus will be applied when solving various problems.

Required Activity

This course must contain a student engagement activity with the community that relates to course content. The activity may include guest speakers, site visits, projects for the community/industry, etc…

Approved Texts

Baye, M. & Prince, J. (current). Managerial Economics and Business Strategy. McGraw Hill.

Farnham, P. (current). Economics for Managers. Prentice Hall.

Hirschey, M. (current). Managerial Economics. South-Western/Cengage Learning.

Keat, P. Young, P. (current). Managerial Economics. Prentice Hall.

Truett, L. & Truett, D. (current). Managerial Economics. Wiley.

Recommended Optional

SPSS Version 15 (Student Version). (8th ed.) McGraw Hill/Irwin – SPSS Inc. ISBN-13: 9780077223519

Supplements

As deemed appropriate.

Sorrell College of Business Mission and Vision statements

Mission Statement

Through operations that span the State of Alabama, the United States, and the world, Sorrell College of Business equips our students with the knowledge, skills, abilities and competencies to become organizational and community leaders who make a difference in the global village and global economy. Through this endeavor, we serve students, employers, faculty, and TroyUniversity at large as well as the local and global communities.

Vision Statement

Sorrell College of Business will be the first choice for higher business education students in their quest to succeed in a dynamic and global economy. Sorrell College of Business will create the model for 21st century business education and community service.

Troy University Faculty Handbook(2016): Section 3.9.2.8 [extract] — essential elements of the syllabus (somewhat modified for space):

  1. Course title
  2. Course number + section
  3. Term
  4. Instructor
  5. Prerequisites
  6. Office hours
  7. Class days, times
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  1. Classroom location
  2. Office location + e-mail address
  3. Office telephone
  4. Course description, objectives
  5. Text(s)
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  1. Other materials
  2. Grading methods, criterion weights, make-up policy, mid-term grade reports
  3. Procedure, course requirements
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  1. General supports (Computer Works, writing center)
  2. Daily assignments, holidays, add/drop & open dates, dead day, final exam
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  1. ADA statement
  2. Electronic device statement
  3. Additional services, statements
  4. Attendance/
    Absence policy
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  1. Incomplete work policy
  2. Cheating policy
  3. Specialization requirements (certification, licensure, teacher competencies)