Course Description:        This course covers managerial decision-making process at every level of management in public, private and not-for-profit organizations. Managers, in order to increase the performance of the organization must give efficient decisions in deciding the use of resources in hands. To be efficient in the decision making process, managers must know and effectively use microeconomic and quantitave economic theories and techniques. By knowing and using the microeconomic and quantitative economic theories and techniques in the decision making process, managers can estimate demand functions for the firm’s product(s), estimate cost functions, adequately follow and interpret the changes in micro-macro economic variables both in domestic and in global economy, forecast future sales and revenues of the firm, make strategic movements against the marketing strategies of rivals and quickly respond to major economic policy and economic climate changes. In these respects, in this course, we will cover determination of prices, notion of demand and supply, behavior of the firm and household, structure of markets, and economic, socio-political environment, which firms operate in.

Course Goals
Course Objectives for the students:

  1. To understand the concept of "goals of business firms" and its consequences.
  2. To understand "supply and demand" and its graphical presentation.
  3. To understand how to estimate, interpret and make use of "supply and demand functions" in the decision making process.
  4. To understand different "microeconomics and quantitative economics approaches" to solving economic problems faced by managers.
  5. To understand the concepts of and relationships between household choices and firm choices.
  6. To understand the concept of and relationship between "production process, costs" and "profits" in the short and long run.
  7. To understand the concept and the structure of different types of "markets".
  8. To understand the concept of "economic, political, and social environment of business firms".

Course Policies
What is expected of the students:

  • Reading the assigned materials, doing the assigned homework, preparing the term project, and exploring linked Web sites.
  • Actively participating in class discussions.
  • Taking scheduled exams.

Academic Honesty

Though I encourage you to work with your study groups when you prepare for your tests, I do, however record the scores of exams on the basis of your individual performance. As such, cheating on tests is a violation of academic principles and will result in dismissal from the course.

 

Exams                                                                                                                                                     

There will be two in-class quizzes, one in-class midterm exam, one in-class final, and one take-home final exam.

 

Grading

Homework:                                       15%

Quizzes*:                                          15%

Midterm**:                                       25%

Term Project       :                             20%

Final***:                                           25%

*Quizzes (in-class) will include 15 multiple-choice questions.

**Midterm exam (in-class) will include 20 multiple-choice questions.

***Final exam will have two parts: in class and take-home parts. In class part of the final exam will include 30 multiple-choice questions and the take-home part will include 20 multiple-choice questions. The weights will be distributed as follows: 65% of in class and 35% of take-home test.

 

The following cutoff points will be used for assigning the grades:

Course Grade is at least                                        but less than                     Letter Grade

               95                                                                       100                                      A

               90                                                                       94                                         A-

               85                                                                       89                                         B+

               80                                                                       84                                         B

               75                                                                       79                                         B-

               70                                                                       74                                         C+

               65                                                                       69                                         C

               60                                                                       64                                         C-

               55                                                                       59                                         D+

               50                                                                       54                                         D

               Below 50                                                          -                                            F