Qm 2241 Business Statistics

Qm 2241 Business Statistics

ECO6655: Managerial Economics

Syllabus - Section TXWA

Fall Semester,2010

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

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

INSTRUCTOR: / Wendy C. Bailey, Ph.D.
COURSE PREREQUISITE: / BUS 5503 and BUS 5505 or Principles of Microeconomics and Statistics or equivalents.
OFFICE HOURS: / Mondays 1-4pm
Tuesdays 1-3pm
Wednesdays 1-4pm
Thursdays 1-3pm
OFFICE LOCATION: / 202bMcCartha Hall
OFFICE TELEPHONE: / 334-808-6327
334-670-3143 Secretary
EMAIL: /
WEB SITE: /
TIME LOCATION: / Tuesdays, 5:30 - 8:15pm GAB 303
COURSE 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.
COURSE OBJECTIVES: / Upon completion of the course, the student should be able to:
  1. Apply microeconomic models to real-world managerial problems using 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 problems within 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.
TEXTBOOK: / Paul G. Keat and Philip K.Y. Young, Managerial Economics: Economic Tools for Today's Decision Makers, 6th edition, ISBN 0136040047.
OTHER MATERIALS: /
  • iClicker. This device will be used to for daily quizzes and must be brought to class each time in order to take the quizzes. These will be handed out the first day of class.
  • Various handouts will be posted in Blackboard. Students should check Blackboard frequently for new materials and print out what is required for class or assignments.

ENTRANCE COMPETENCIES: /
  1. Students are expected to perform at the graduate level. Students are also assumed to have the ability to do basic quantitative analysis, including using differential calculus, algebra, and statistics. They should also be able to use spreadsheet programs such as Microsoft Excel for the purpose of doing analytical work.
  2. You are REQUIRED to have taken at least one introductory course in statistics before taking this class and/or have taken the foundation class in statistical analysis.
  3. As this is a course in applied microeconomics, students should have taken microeconomics specifically within the past eight years. This is an MBA program requirement and is not optional. If you took microeconomics more than eight years ago or if you have never taken a class in microeconomics previously then you MUST take the foundation class (MBA5505) first or an undergraduate course in microeconomics before signing up for this one.
  4. You are also expected to demonstrate proficiency in oral and written communication. Grades assigned to all problem sets, cases, and examinations will be based on your use of correct grammar, punctuation, and spelling, as well as on the quality of the content. Assignments must be professional in appearance -- typed, organized, and proofread.
  5. If you have any question about whether your skills are current enough or adequate, please contact the professor.

CLASS PROCEDURE AND REQUIREMENTS: / This course will be delivered in a lecture/discussion format. Primary delivery will through PowerPoint and overhead presentations. PowerPoint slides will be posted to the web site prior to class. Students should print the presentations and bring them to class to allow them to focus on the topic and to take more organized notes. Students must also bring their clickers to class each time so they can take the quizzes.
GRADING METHODS & EXAMINATIONS: / Final grades will be calculated as a weighted average as follows:
  • Homework (problem sets and cases)
/ 25%
  • Daily Quizzes
  • Midterm Exam – Chapters 1-5, 7-8
/ 10%
25%
  • Final Exam – comprehensive (all chapters)
/ 40%
The student's final grade will be determined using the traditional grading scale:
A: 90-100, B: 80-89, C: 70-79, D: 60-69, F: Below 60.
EXAM RULES:
Exams will consist of multiple-choice questions, short answer essays, and problems, subject to the following rules:
  • Any statistical tables provided by the instructoror scratch paper used during exams MUST be turned in to your instructor before you leave the room. These items WILL NOT be returned.
  • Each student should bring their own electronic calculator without text storage capability. Calculators may not be shared with other students during tests and telephones may not be used as a calculator.
  • Translators may not be used during any examination.
  • Tests may be paper-based or delivered partially on the computer. If a paper test is given, students must bring a blank Scantron form to the exam for the multiple choice sections. If the test is given on the computer (subject to lab availability), the multiple choice part will be delivered in Blackboard and the essay/problems section will be paper-based.
  • The midterm exam will be reviewed in class, but students will not be permitted to print or keep a paper copy. Any exams (to include the final exam) can be reviewed further in the instructor's office during office hours.
  • Cheating will be strictly dealt with! Any academic dishonesty will result in an F and referral for disciplinary action.
See the Incomplete/Missed work section of the syllabus for the policy on missed tests.
DAILY QUIZZES:
Quizzes will be given during each class session. You will be using a remote by iClicker in order to answer the questions, which will be in multiple choice format. Clickers will be checked out to each student on the first day of class and must be returned on the last day you attend classes. More information will be provided in class.
  • Students must bring their clickers to each class. If you forget your clicker, you will not be able to answer the quiz questions and will receive a zero for the quiz that day. Questions cannot be answered on paper and will not be graded that way.
  • Questions will be given at random times throughout each class period. If you leave the class early or arrive late, you may miss some questions. Missed questions cannot be made up and will be scored as a zero.
  • Your lowest three quiz scores will be dropped. If you miss a quiz, the missed quiz will be counted as one of your three drops. Missed quizzes cannot be made up.
HOMEWORK (PROBLEM SETS/CASES):
  • There will be problem sets and/or cases due throughout the term which will be done in groups set up by the instructor. Due dates are firm; late assignments will receive a grade of zero and will not be graded. Details will be provided in Blackboard. Deadlines are posted on the last two pages of this syllabus.
  • Students must actively participate in ALL problem sets and/or cases; low or zero scores due to not participating actively cannot be dropped. Grades will be based on the group performance overall in addition to the group surveys (see policy posted in Blackboard).
  • In addition to the group assignment, which is turned in by a group leader in the Assignments section in Blackboard, students individually must turn in a survey form for each group member the same day the problem set is due. Students who do not turn in the survey form will have 5% deducted from their problem set grade.
DROP/WITHDRAWAL/FA POLICY:
  • A WP or DP grade can only be given to students who drop by the academic penalty deadline and who have a B or better in the class; all other students will be given a WF or DF if they withdraw or drop after the academic penalty deadline and have a C or less in the course at the time they withdraw or drop.
  • An FA grade will be given to students who miss 35% or more classes in the term without an excuse AND/OR those who miss any test without an excuse.
  • In no event may a student drop or withdraw from the course after the final examination is completed and final course grades are assigned.
All grades will be earned -- NOT given.No tests will be dropped, no tests will be given less emphasis and no additional work will be given to boost final grades. Students needing a particular grade in this class to graduate, keep a scholarship, etc., will need to score high enough to earn the grade. Students should plan for computer failure by completing graded problem sets ahead of schedule.
ATTENDANCE & STUDENT RESPONSIBILITIES: / Students are expected to:
  1. Punctually attend all scheduled classes. Students who miss quiz questions because they arrive late will receive a zero score on any questions not answered.
  2. Be responsible for all instructions and assignments given in class as well as for the supporting textbook content.If you miss a class, do not email your professor asking what you missed. Similarly, do not come to my office expecting a private tutorial session covering the missed material. Finding out what you missed and getting a classmate's notes is your responsibility.
  3. Read the textbook material before the lecture covering that material and attempt the suggested problems before the material is covered in class.
  4. Be an active participant in this class while being respectful of everyone else in the class.
  5. Stay for the entire class session. If you need to leave the class early, inform your instructor before the class begins. Understand that quiz questions may be given throughout the entire class, so if you leave early you may miss some questions.
  6. Complete assignments by the deadlines given in this syllabus and attend all examinations.
  7. Cheating will be strictly dealt with. See the Honor Policy for details.
EXCUSED ABSENCE POLICY:
Excused absences have the following characteristics:
a. The professor was informed prior to the absence,
b. The professor determines that the absence is excusable*, and
c. Written documentation acceptable to the instructor (e.g., on letterhead) is provided within one week of the missed class. Additional regulations apply to absences which occur on the day of a scheduled exam. See the Incomplete/Missed Work Policy section for more information.
* Excusable absences include:
  • Participation in a documentedofficialUniversityfunction that does not permit the student’s class attendance (e.g., athletic events, field trips, etc.).
  • Severe illness, a hospital stay, or a doctor's excuse saying that it is impossible for student to attend class(es). NOTE: This doesnot include scheduled medical or dental appointments or driving someone else to doctor. You should schedule appointments or personal errands outside of class time.
  • Death of immediate family member (parent, grandparent, sibling, or child, or spouse).
  • Appearance in court (if mandatory)
  • Personal situations that are approved by the instructor in advance of the time the student is to be absent.

DAILY ASSIGNMENTS:

/ See schedule below.
INCOMPLETE/
MISSED WORK POLICY: / If a student will miss any test, they must notify the instructor in advance and provide acceptable writtendocumentation within one weekof the missed test. If they are unable to notify the instructor in advance (e.g., they were in the hospital), they must notify the instructor as soon as they are able to return to class and provide acceptable writtendocumentation on that day.
  • If the absence is excused by the instructor, the percentage weight from the missed test will be added to the comprehensive final exam.No makeup exams will be given.
  • If the absence is not excused by the instructor, the student will receive a zero for the missed test.
Assignments not submitted in Blackboard by the deadline without a pre-approved excuse will be given a zero. "Computer problems" do not constitute an acceptable excuse.
GENERAL SUPPORT: / The computer labs in 119 & 207 McCartha are available for student use when other classes are not in session.
CHEATING POLICY: / It is expected that students will abide by the Honor Code, Academic Code, Technology Use Policy, and Standards of Conduct as outlined in the most current version of the Oracle, the student handbook. Any student not abiding by these codes/policies/standards will be subject to the penalties outlined in the Oracle.
AMERICANS WITH DISABILITIES ACT (ADA): / TroyUniversity supports Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, which insure that postsecondary students with disabilities have equal access to all academic programs, physical access to all buildings, facilities and events, and are not discriminated against on the basis of disability. Eligible students, with appropriate documentation, will be provided equal opportunity to demonstrate their academic skills and potential through the provision of academic adaptations and reasonable accommodations. Further information, including appropriate contact information, can be found at the link for TroyUniversity’s Office of Human Resources at

CELLPHONES AND OTHER ELECTRONIC DEVICES: / Use of any electronic device by students in the instructional environment is prohibited unless explicitly approved on a case-by-case basis by the instructor of record or by the Office of Disability Services in collaboration with the instructor. Cellular phones, pagers, and other communication devices may be used for emergencies, however, but sending or receiving non-emergency messages is forbidden by the University. Particularly, use of a communication device to violate the TroyUniversity “Standards of Conduct” will result in appropriate disciplinary action (See the Oracle.)
In order to receive emergency messages from the University or family members, the call receipt indicator on devices must be in the vibration mode or other unobtrusive mode of indication. Students receiving calls that they believe to be emergency calls must answer quietly without disturbing the teaching environment. If the call is an emergency, they must move unobtrusively and quietly from the instructional area and notify the instructor as soon as reasonably possible. Students who are expecting an emergency call should inform the instructor before the start of the instructional period.
COURSE OUTLINE AND DATES TO REMEMBER: /
  • The topics are listed in the approximate order in which they will be covered.
  • Please note that this outline is subject to change. Any changes will be announced in lecture. If you miss a lecture, you are responsible for finding out what you missed, including any deadline or exam date changes.

Date / Lecture Chapters / Assignments Due
Tues. 8/17 / Chapters 1-2
Review of Math Concepts / Read text, start homework & work recommended problems
Tues. 8/24 / Review of Math Concepts
Chapter 3 + Appendix 3A / Read text, start homework & work recommended problems
Tues. 8/31 / Chapter4 + Appendix 4A / Read text, start homework & work recommended problems
Sat. 9/4 / Homework #1 due in Blackboard 4:00pm Centraltime
Tues. 9/7 / Chapter 5 + Appendix 5A / Read text, start homework & work recommended problems
Tues. 9/14 / Chapter6 + Appendix 6B / Read text, start homework & work recommended problems
Tues. 9/21 / Chapter 7 + App. 7A & 7B / Read text, start homework & work recommended problems
Sat. 9/25 / Homework #2 due in Blackboard 4:00pm Centraltime
Tues. 9/28 / MIDTERM EXAM / Covers Chapters 1-7 + appendices assigned
Tues. 10/5 / Chapter 8 + Appendix 8A / Read text, start homework & work recommended problems
Tues. 10/12 / Chapter 9 / Read text, start homework & work recommended problems
Tues. 10/19 / Chapters10 / Read text, start homework & work recommended problems
Sat. 10/23 / Homework #3 due in Blackboard 4:00pm Centraltime
Tues.10/26 / Chapter 11 / Read text, start homework & work recommended problems
Tues. 11/2 / Chapter 14 / Read text, start homework & work recommended problems
Tues. 11/9 / Chapters15 / Read text, start homework & work recommended problems
Tues.11/16 / Review for final exam
Sat. 11/20 / Homework #4 due in Blackboard 4:00pm Centraltime
Tues. 11/23 / NO CLASS - Fall Break
Tues.11/30 / COMPREHENSIVE FINAL / Covers all chapters

Dates to Remember

  • Wednesday, 8/11: Classes begin
  • Monday, 8/16: Add deadline; drop/withdraw deadline without financial penalty
  • Tuesday, 8/17: Census date
  • Monday, 9/6: Labor Day Holiday (campus closed, no office hours)
  • Friday, 10/15: Last day to drop/withdraw WITHOUT academic penalty *
  • Thursday, 11/11: Veteran's Day Holiday (campus closed, no office hours)
  • Tuesday, 11/30: Last day of classes
  • Wednesday, 12/1: Dead Day; Drop/withdraw deadline WITH academic penalty**

NOTES:

*After this date, any student with a C or lower in this graduate course will be given a grade of DF or WF if they file for a drop or withdrawal.

**Students may not drop or withdraw from the course after the final exam has been taken and final grades have been assigned, so this must be done BEFORE the last day of class.

1