Microeconomic Analysis & Decision-Making Course at IPFW, Schemes and Mind Maps of Decision Making

Download Microeconomic Analysis & Decision-Making Course at IPFW and more Schemes and Mind Maps Decision Making in PDF only on Docsity! 1 INDIANA UNIVERSITY-PURDUE UNIVERSITY FORT WAYNE DEPARTMENT OF ECONOMICS Microeconomic Analysis and Decision-Making Course Number : BUFW E540 Instructor : Myeong Hwan Kim, Ph.D. Credit Hours : 3 Office : Neff Hall, 340F Class Meeting : Friday (6:00 pm-10:00 pm) Telephone : 1.260.481.6466 Location : KT 227 E-Mail : kimm@ipfw.edu Office Hours : By Appointment 1. Course Objectives The objective of the course is to provide an understanding of how fundamental economic theory can be applied to decision making within the firm. The main topics covered will be the analysis of market demand, optimal use of resources, and pricing decisions. An introductory course in microeconomics is a prerequisite. You should be comfortable with employing basic algebra and elementary calculus. By the end of the course, students will develop skills to:  Explain the role of economic theory in managerial economics.  Describe the characteristics of various market structures such as perfect competition and monopoly.  Know the difference between economic and accounting profit.  Understand and graphically illustrate the way market forces determine prices and production in competitive markets.  Learn the fundamental principles of optimization theory for finding the optimal level of business activities.  Predict how revenue will be affected by a change in the price of a product by using the concept of price elasticity.  Determine the optimal level of inputs and the cost of production in two different decision–making time frames: short run and long run.  Analyze how managers make pricing and output decisions in competitive markets and monopoly.  Understand how techniques of price– discrimination and multi–product pricing can increase profit. 2. Required Readings Textbook:  Christopher R. Thomas and S. Charles Maurice, Managerial Economics, 11th Edition (Publisher: McGraw-Hill Irwin, ISBN-13: 9780078021718) * These policies will be strictly enforced. If you do not follow these guidelines, your instructor will penalize you for it. 3. Evaluation of Work/Grading Policy Grade will be based upon completion of the following: first examination, second examination, final examination and projects. The final course grade will be based on the following: Exam #1 : 20% Exam #2 : 20% Exam #3 : 20% Final Exam : 20% Projects : 20% 90-100 : A 80-89 : B 70-79 : C 60-69 : D 59 and below : F Tests (Quizzes and Exams) The tests will not be easy, and will surely require extensive study. Quizzes will be given during the semester (if there are) - their purpose is to keep you up to date in your studying. If you are not present for a quiz or a scheduled examination, you will not be excused unless you submit an approved third-party official document. The 2 date for the midterm exams will be given in class. It is impossible to make two examinations which are comparable in coverage and difficulty but essentially different. For this reason, requests to take special examinations (early or late) will be granted only in exceptional circumstances that are beyond the control of a student (e.g., serious illness, university business, a death in the family). I expect you to contact me the day of the examination or before the examination if you must miss an exam or quiz for any reason. The make-up exam is expected to be taken upon your return to class, no exceptions. If a student fails to take an exam and no arrangements were made, a score of zero will be recorded. Each student will be allowed to make-up only one test (midterm, final exam or quiz) during the semester, regardless of the reason for absence. Third-Party Official Document Policy The following policy applies to all excused absent:  After the missed class period, documentation is required for an excused absence.  The document should contain your name and date (or period) of absence.  It is the student’s responsibility to request excuse and document absence.  Student need to present third-party official documents which show that there was a compelling reason (e.g., a medical emergency, a doctor’s note, a death in the family, jury duty, call up for military service, police report) for your absence.  I do not accept nor acknowledge e-mail notification.  The official documents need to be provided within a reasonable period of time (NO documents will be accepted after one week) and/or before the final examination if the date of absence is the last week of the semester.  The submission of falsified documents will be grounds to expel the student from the class. Late & E-mailed Assignments Late and/or e-mailed assignments will not be accepted unless prior arrangements have been made with the Instructor and because of extreme circumstances (Not coming to class, or forgetting, doesn’t rate as an extreme circumstance.). No “Extra Credit” Work Students sometimes ask for some extra credit work near the end (or middle) of the semester in an attempt to bring up poor grades. No extra credit work will be given to any student on an individual basis. Again, there is no extra credit offered at any time during the semester (please don’t ask). Grades via E-mail Because of the large number of students in each class, instructor will not be able to reply to individual e-mail requests for exam and/or class grades at the end (or middle) of the semester. Contesting a Grade If you wish to contest your grade on any work you complete for this class, please do so within one week after the assignment is returned. To contest your grade, contact me to schedule an appointment within one week of receipt of the grade. At the conference, bring the assignment (if it was returned to you) and any other documentation that may support your case. If you do not hang on to old tests, then the grades I have recorded will stand and you will have nothing to argue your case. Appeals will not be heard unless you have scheduled an appointment with me within the one-week time frame following receipt of the grade. 4. Expectations The student has read the material before coming to class. The class session should not serve as the student’s first encounter with the material. The class session is a time to clarify and analyze the material. The instructor will assume that the student has an adequate grasp of algebra which is crucial to an understanding of the economic models to be used. Many economics courses, familiarity with graphical analysis is a must. That the student will actively participate in class discussions in the form of questions, answers and comments is strongly encouraged, and will count towards the student’s final grade. I also hope that each of you will contribute significantly to our class discussions and group work. Be prepared to