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COURSE DESCRIPTION
Applies relevant economic theory to develop a framework of analysis and techniques that business managers can use in deciding how to allocate a firms scarce resources to achieve its objectives. Uses economic analysis to support business strategy decisions that promote competitiveness in an environment of changing domestic and international market conditions, government regulations, trade policies, and resource availability. Systematically analyzes how global economic integration affects the production, input sourcing, and pricing decisions of firms operating in different market structures.
INSTRUCTIONAL MATERIALS
Required Resources McGuigan, J. R., Moyer, R. C., & Harris, F. H. D. (2011). Managerial economics: Applications, strategy, and tactics (12th ed.). Mason, OH: South-Western Cengage Learning. Microsoft Excel (2003 version or newer) [Computer software]. Redmond, Washington. Supplemental Resources Board of Governors of the Federal Reserve System. (2011). General format. Retrieved from http://www.federalreserve.gov Burgernomics to go (2012, June 9). The Economist, 43(8788), 83. Points of light (2012, July 14). The Economist, 404(8793), 21-24. The visible hand (2012, January 21). The Economist, 401(8768), 3-5. Wall Street Journal. (2011). General format. Retrieved from http://online.wsj.com
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 2 of 19
e-Activity o Use the Internet or the Strayer Library to research the tools related to the managerial economics. Answer the question: What managerial economic decisions are business leaders making? Be prepared to discuss. Activities Discussions Evaluation Check Your Understanding o Chapter 1: Problems 2, 3, and 6 o Chapter 2: Problems 1, 5, and 6 Reading(s) o Chapter 3: Demand Analysis o Chapter 4: Estimating Demand 20
9 9
Preparation
e-Activity o Use the Internet or the Strayer Library to research the elasticity of tobacco products. Be prepared to discuss. Activities Discussions Evaluation Check Your Understanding o Chapter 3: Problems 3, 4, and 7 o Chapter 4: Problems 5, 6, and 7 Quiz: Chapters 1 and 2 Reading(s) o Chapter 5: Business and Economic Forecasting o Chapter 6: Managing in the Global Economy e-Activity o Use the Internet or the Strayer Library to research the current demand for a good or service of your choice. Collect information that will affect the demand for the good or service. Be prepared to discuss. 20
9 9 60
Preparation
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 3 of 19
12 12 200
Preparation
e-Activity o Conduct an environmental scan of businesses in todays climate to determine which variable of the environment, such as economic, political, social, competitive or technological, is likely to affect short-run production the most over the next 12 months. Activities Discussions Evaluation Check Your Understanding o Chapter 7: Problems 1, 6, 8, and 9 o Chapter 8: Problems 2(a), 4, and 6(a) Reading(s) o Chapter 9: Applications of Cost Theory o Chapter 10: Prices, Output and Strategy: Pure and Monopolistic Competition 20
12 9
Preparation
e- Activities o Use the Internet or the Strayer Library to research the economic costs involved in conducting a break-even analysis for a good or service of your choice. Be prepared to discuss. o Use the Internet or the Strayer Library to research a company that is competing in a purely (or perfectly) competitive market. Be prepared to discuss. Activities Discussions Evaluation Check Your Understanding o Chapter 9: Problems 3, 4, and 5 o Chapter 10: Problems 2, 6, and 10 Midterm Exam: Chapters 1 through 8 Reading(s)
20
9 9 160
Preparation
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 4 of 19
e- Activities o Use the Internet or the Strayer Library to research one or two specific regulations pertaining to a utility company in your state or one you are familiar with. Be prepared to discuss. o Use the Internet or the Strayer Library to research the automotive industry, which acts as an oligopoly. Collect data for a competitive analysis for two or three companies in this oligopolistic industry. Be prepared to discuss. Activities Discussions Evaluation Check Your Understanding o Chapter 11: Problems 2(a, b), 4(a, c), and 6 o Chapter 12: Problems 1, 2(b), and 5(b) Assignment 2: Operations Decision Reading(s) o Chapter 13: Best-Practice Tactics: Game Theory o Chapter 14: Pricing Techniques and Analysis
20
9 9 200
Preparation
e-Activities o Use the Internet or the Strayer Library to research an established company that has recently entered a new market. Determine the companys pricing strategy for the new product or service. Be prepared to discuss. o Use the Internet or the Strayer Library to research a product or service you are familiar with to determine a potential new target market segment for this product or service. Be prepared to discuss. Activities Discussions Evaluation Check Your Understanding o Chapter 13: Problems 2, 13, and 15 o Chapter 14: Problems 3(b, c, d), 5(a, b, c), and 8(a, b, c) Reading(s) o Chapter 15: Contracting, Governance, and Organizational Form e-Activity o Go to the Microsoft Academic Search database to read the article titled Risk assessment of business contracts, located at http://academic.research.microsoft.com/Paper/4672746.aspx. 20
9 9
Preparation
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 5 of 19
9 300
Preparation
e-Activity o Use the Internet or the Strayer Library to research the reasons for and against the recently adopted Frank-Dodd law. Be prepared to discuss. Activities Discussions Evaluation 10 Check Your Understanding o Chapter 16: Problems 4, 6(a, c), 9 20
Preparation Reading(s) o Chapter 17: Long-Term Investment Analysis Activities Discussions Evaluation Check Your Understanding o Chapter 17: Problems 1, 5, and 9(c) Assignment 4: Long-Term Investment Decisions 20
9 250
11
Preparation Reading(s): None Activities Discussions Evaluation Final Exam: Chapters 9 through 17 20 180
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 6 of 19
Grade A B C F
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 7 of 19
Assignment 1: Making Decisions Based on Demand and Forecasting Unacceptable Below 70% F
Did not submit or incompletely used Excel or other calculation software to input the data to calculate an estimated regression. Did not submit or incompletely interpreted the
Fair 70-79% C
Partially used Excel or other calculation software to input the data to calculate an estimated regression. Partially interpreted the coefficient of determination from the calculation provided, indicating
Proficient 80-89% B
Satisfactorily used Excel or other calculation software to input the data to calculate an estimated regression. Satisfactorily interpreted the coefficient of determination from
Exemplary 90-100% A
Thoroughly used Excel or other calculation software to input the data to calculate an estimated regression. Thoroughly interpreted the coefficient of determination from
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 8 of 19
2. Test the statistical significance of the independent variables and the regression equation, indicating how it will impact your decision to open the pizza shop. Weight: 25%
Partially tested the statistical significance of the independent variables and the regression equation, indicating how it will impact your decision to open the pizza shop. Partially forecasted the demand for pizza for the next four (4) periods using the regression equation. Partially determined whether The Pizza Company should establish an operation in your community based on the forecasted demand. Partially provided a rationale and support for the decision.
Satisfactorily tested the statistical significance of the independent variables and the regression equation, indicating how it will impact your decision to open the pizza shop. Satisfactorily forecasted the demand for pizza for the next four (4) periods using the regression equation. Satisfactorily determined whether The Pizza Company should establish an operation in your community based on the forecasted demand. Satisfactorily provided a rationale and support for the decision.
Thoroughly tested the statistical significance of the independent variables and the regression equation, indicating how it will impact your decision to open the pizza shop. Thoroughly forecasted the demand for pizza for the next four (4) periods using the regression equation. Thoroughly determined whether The Pizza Company should establish an operation in your community based on the forecasted demand. Thoroughly provided a rationale and support for the decision.
3. Forecast the demand for pizza for the next four (4) periods using the regression equation. Weight: 20%
4. Based on the forecasted demand, determine whether The Pizza Company should establish an operation in your community. Provide a rationale and support for the decision. Weight: 25%
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 9 of 19
The specific course learning outcomes associated with this assignment are: Assess how managerial economics is used in business decision making. Analyze how production and cost functions in the short run and long run affect the strategy of individual firms. Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a companys operations . Use technology and information resources to research issues in managerial economics and globalization. Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 10 of 19
Fair 70-79% C
Partially described the details of the fictitious business that you created for this.
Proficient 80-89% B
Satisfactorily described the details of the fictitious business that you created for this. Satisfactorily assessed the current environmental scan factors that are relevant to the decision making process; satisfactorily determined the factors that will have the greatest impact on plant operations and managements decision to continue or discontinue operations; satisfactorily provided a rationale for your determination.
Exemplary 90-100% A
Thoroughly described the details of the fictitious business that you created for this. Thoroughly assessed the current environmental scan factors that are relevant to the decision making process; thoroughly determined the factors that will have the greatest impact on plant operations and managements decision to continue or discontinue operations; thoroughly provided a rationale for your determination.
Partially assessed the current environmental scan factors that are relevant to the decision making process; partially determined the factors that will have the greatest impact on plant operations and managements decision to continue or discontinue operations; partially provided a rationale for your determination.
3. Evaluate the financial performance of the company using the information provided in the scenario. Consider all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions. Be sure to show the calculations that helped you reach your conclusions Weight: 20%
Partially evaluated the financial performance of the company using the information provided in the scenario; partially considered all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions; partially showed calculations that helped you reach your
Satisfactorily evaluated the financial performance of the company using the information provided in the scenario; satisfactorily considered all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions; satisfactorily
Thoroughly evaluated the financial performance of the company using the information provided in the scenario; thoroughly considered all the key drivers of performance, such as company profit or loss for both the short term and long term and how each factor influences managerial decisions; thoroughly showed
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 11 of 19
Partially recommended how the company can improve its profitability to deliver more value to its stakeholders; partially developed a brief plan to implement the recommendations.
Satisfactorily recommended how the company can improve its profitability to deliver more value to its stakeholders; satisfactorily developed a brief plan to implement the recommendations.
Thoroughly recommended how the company can improve its profitability to deliver more value to its stakeholders; thoroughly developed a brief plan to implement the recommendations.
5. Assess the circumstances in which the company should discontinue operations and how management should react when confronted with these circumstances. Provide a rationale with your response. Weight: 15%
Partially assessed the circumstances in which the company should discontinue operations and how management should react when confronted with these circumstances; partially provided a rationale with your response.
Satisfactorily assessed the circumstances in which the company should discontinue operations and how management should react when confronted with these circumstances; satisfactorily provided a rationale with your response.
Thoroughly assessed the circumstances in which the company should discontinue operations and how management should react when confronted with these circumstances; thoroughly provided a rationale with your response.
Does not meet the required number of references; some or all references poor quality choices. 5-6 errors present
Meets number of required references; all references high quality choices. 3-4 errors present
Exceeds number of required references; all references high quality choices. 0-2 errors present
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 12 of 19
The specific course learning outcomes associated with this assignment are: Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries. Propose how differences in demand and elasticity lead managers to develop various pricing strategies. Use technology and information resources to research issues in managerial economics and globalization. Write clearly and concisely about managerial economics and globalization using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric.
Fair 70-79% C
Partially described the business and explained the
Proficient 80-89% B
Satisfactorily described the business and
Exemplary 90-100% A
Thoroughly described the business and
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 13 of 19
2. Hypothesize the basic short-run and long-run behaviors of the model in the business you have chosen in a market economy. Provide support for your assumptions and conclusions. Weight: 15%
Partially hypothesized the basic short-run and long-run behaviors of the model in the business you have chosen in a market economy; partially provided support for your assumptions and conclusions.
3. Explain the major factors that affect the degree of competitiveness in your business. Use the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving. Provide evidence supporting your rationale. Weight: 20%
Partially explained the major factors that affect the degree of competitiveness in your business; partially used the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving; partially provided evidence supporting your rationale.
Satisfactorily explained the major factors that affect the degree of competitiveness in your business; satisfactorily used the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving; satisfactorily provided evidence supporting your rationale.
Thoroughly explained the major factors that affect the degree of competitiveness in your business; thoroughly used the data to develop at least three (3) measures (e.g., productivity measures) to show how the industry is evolving; thoroughly provided evidence supporting your rationale.
4. Research two (2) of the businesss closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business. Provide support for your rationale. Weight: 20%
Partially researched two (2) of the businesss closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business; partially provide support for
Satisfactorily researched two (2) of the businesss closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business; satisfactorily
Thoroughly researched two (2) of the businesss closest competitors to determine the pricing strategy for each business indicating how knowledge of this information may influence pricing decisions in your business; thoroughly provide
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 14 of 19
Partially recommended a pricing policy for the business you chose; partially assessed how your pricing policy maximizes profits for the business; partially provided support for your rationale.
Satisfactorily recommended a pricing policy for the business you chose; satisfactorily assessed how your pricing policy maximizes profits for the business; satisfactorily provided support for your rationale.
Thoroughly recommended a pricing policy for the business you chose; thoroughly assessed how your pricing policy maximizes profits for the business; thoroughly provided support for your rationale.
Does not meet the required number of references; some or all references poor quality choices. 5-6 errors present
Meets number of required references; all references high quality choices. 3-4 errors present
Exceeds number of required references; all references high quality choices. 0-2 errors present
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 15 of 19
The specific course learning outcomes associated with this assignment are: Assess how managerial economics is used in business decision making. Evaluate how government regulation is constraining and enabling for managerial decisions related to maximizing shareholder wealth. Use technology and information resources to research issues in managerial economics and globalization. Write clearly and concisely about managerial economics and globalization using proper writing mechanics.
Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric. Points: 250 Criteria
1. Explain why government regulation is needed, citing the major reasons for government
Fair 70-79% C
Partially explained why government regulation is needed, citing the
Proficient 80-89% B
Satisfactorily explained why government regulation is
Exemplary 90-100% A
Thoroughly explained why government regulation is
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 16 of 19
2. Justify the rationale for the intervention of government in the market process in the U.S. Weight: 20%
Partially justified the rationale for the intervention of government in the market process in the U.S.
3. Describe the additional complexities that would arise under this new scenario of expansion via capital projects. Weight: 20%
Partially described the additional complexities that would arise under this new scenario of expansion via capital projects.
Thoroughly described the additional complexities that would arise under this new scenario of expansion via capital projects. Thoroughly analyzed how the different forces will come together to create a convergence between the interests of stockholders and managers. Exceeds number of required references; all references high quality choices. 0-2 errors present
4. Analyze how the different forces will come together to create a convergence between the interests of stockholders and managers. Weight: 20%
Partially analyzed how the different forces will come together to create a convergence between the interests of stockholders and managers.
Does not meet the required number of references; some or all references poor quality choices. 5-6 errors present
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 17 of 19
Instructional Materials
In order to be fully prepared, obtain a copy of the required textbooks and other instructional materials prior to the first day of class. When available, Strayer University provides a link to the first three (3) chapters of your textbook(s) in eBook format. Check your online course shell for availability. Review the online course shell or check with your professor to determine whether Internet-based assignments and activities are used in this course. Strayer students are encouraged to purchase their course materials through our designated bookstore MBS Direct. http://bookstore.mbsdirect.net/strayer.htm If a lab is required for the course, MBS Direct is the only vendor that sells the correct registration code so that Strayer students may access labs successfully.
Discussions
To earn full credit in an online threaded discussion, students must have one original post and a minimum of one other post per discussion thread. Please note: Material in the online class will be made available on the previous Thursday. As it is always possible that students could lose their work due to unforeseen circumstances, it is a best practice to routinely save a working draft in a separate file before posting in the course discussion area. Professors hold discussions during class time for on-ground students. Check with your professor if any additional discussion participation is required in the online course shell outside of class hours.
Tests
Tests (quizzes, midterm and final exams, essay exams, lab tests, etc.) are available for student access and completion through the online course shell. Check the online course shell to determine how you are expected to take the tests. Online students are to complete the test by Monday 9:00 a.m. Details regarding due dates are posted in the Blackboard Calendar tool. On-ground students are to complete the tests after the material is covered and before the next class session.
Assignments
A standardized performance grading rubric is a tool your professor will use to evaluate your written assignments. Review the rubric before submitting assignments that have grading rubrics associated with them to ensure you have met the performance criteria stated on the rubric. Grades are based on individual effort. There is no group grading; however, working in groups in the online or on-ground classroom is acceptable.
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 18 of 19
Resources
The Resource Center navigation button in the online course shell contains helpful links. Strayer University Library Resources are available here as well as other important information. You should review this area to find resources and answers to common questions. Technical support is available for the following:
For technical questions, please contact Strayer Online Technical Support by logging in to your iCampus account at https://icampus.strayer.edu/login and submitting a case under Student Center, then Submit Help Ticket. If you are unable to log in to your iCampus account, please contact Technical Support via phone at (877) 642-2999. For concerns with your class, please access the Solution Center by logging in to your iCampus account at https://icampus.strayer.edu/login and submitting a case under Student Center, then Submit Help Ticket. If you are unable to log in to your iCampus account, please contact the IT Help Desk at (866) 610-8123 or at mailto:IThelpdesk@Strayer.edu.
TurnItIn.com is an optional online tool to assess the originality of student written work. Check with your professor for access and use instructions. The Strayer Policies link on the navigation bar in the online course shell contains academic policies. It is important that students be aware of these policies.
2013 Strayer University. All Rights Reserved. This document contains Strayer University Confidential and Proprietary information and may not be copied, further distributed, or otherwise disclosed in whole or in part, without the expressed written permission of Strayer University. ECO 550 Student Version 1136 (1041 6-5-2013) Final Page 19 of 19