LINCOLN MEMORIAL UNIVERSITY

COURSE SYLLABUS

           

                  I.           MBA 565/BUSN 440 Managerial Economics 3 semester hours, Spring 2004

 

                 II.           Dr. John R. Sellers

                                DB- 319, 869-6273, jsellers@lmunet.edu,

                                Office hours: Harrogate TR 3:00 – 5:00PM  or by appointment.

                                                            

III.        University Mission and Purpose Statement

      Lincoln Memorial University is a values-based learning community dedicated to providing educational experiences in the liberal arts and professional studies.  The University strives to give students a foundation for a more productive life by upholding the principles of Abraham Lincoln’s life:  a dedication to individual liberty, responsibility, and improvement; a respect for citizenship; a recognition of the intrinsic value of high moral and ethical standards; and a belief in a personal God.

      The University’s curriculum and commitment to quality instruction at every level are based on the beliefs that graduates must be able to communicate clearly and effectively in an era of rapidly and continuously expanding communication technology, must have an appreciable depth of learning in a field of knowledge, must appreciate and understand the various ways by which we come to know ourselves and the world around us, and must be able to exercise informed judgments.

      The University believes that one of the major cornerstones of meaningful existence is service to humanity.  By making educational and research opportunities available to students where they live and through various recreational and cultural events open to the community, Lincoln Memorial University seeks to advance life in the Cumberland Gap area and throughout the region.  Reaffirmed by the Board of Trustees May 3, 2002

                  

Business Department Mission Statement: The Mission of the DeBusk School of Business is to provide educational and research opportunities to a diverse population of students wishing to study the business disciplines and to provide service through relationships with businesses and public organizations.

 

MBA Program Mission Statement: The Mission of the Masters of Business Administration program is to provide educational and research opportunities to working adults wanting to develop professionally by enhancing their business skills and credentials.

 

IV.        Course Descriptions:  MBA 565 Managerial Economics

A lecture course introducing the theory of the firm including the origin of demand and supply.  The course also introduces basic empirical techniques to estimating key economic relationships.  Students are asked to solve managerial problems using basic economic principles and tools.  Further, students are taught techniques for forecasting costs/demand/etc.

 

              BUSN 440 Managerial Economics

Application of micro and macro economic concepts and analytical tools to decision making.  Explores the relationship of supply and demand forces, market structure, government regulation, and macroeconomic concepts to achieving business and policy objectives. 

 

                 V.           Prerequisites:  BUSN 270 Basic Statistics, 300 Mathematics for Business, Principles of economics.

 

VI.                      Course Objectives: By the conclusion of this course the student should know how to identify market structure, analyze aspects of supply-demand relationships, utilize analytical tools such as Real Options and Game Theory.

   

VII.                   Outline of Course Content

1.  Economics and Management.

2.  Exchange, Efficiency, and Markets.

3.  Performance measures.

4.  Demand.

5.  Costs.

6.  Profit maximization.

7.  Creating Barriers to Entry.

8.  Price Strategies.

9.  The New Economy: technological change and innovation.

10.  Organization and Corporate Culture.

11.  Personnel and Compensation.

12.  Real Options.

13.  Strategic Behavior.

14. Globalization.

15. Government and Business.

16. Strategy and Management.

 

VIII.                 Text: The New Managerial Economics.  William Boyes.

 

IX.                      Suggested Readings: Business Week and The Economist.

                   

                 X.           Requirements: All students will be given homework problems, regular quizzes, and examinations.  In addition graduate students will be given cases and special topics to present and discuss. 

 

              XII.           Evaluation and Assessment: Your place in the distribution of grades will be determined using the average of your exam grades and the statistical characteristics of the entire class.  You should be able to self-assess using homework problems assigned prior to the exam.  Class attendance and attitude can affect your final grade.  Attitude refers to your attention or lack of attention, your participation or lack thereof, etc.  The time to be concerned about your grade is before the examinations.  I will not forecast your grade throughout the semester.  You should have the skills to do that for yourself.

 

             XIII.           Special Needs: If you have any disability relevant to your success in this class please inform the head of Student Services.

 

XV.           Revised 1/12/04.