Econ 315 Syllabus - econ PDF

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Syllabus for Economics 315-17, #20766, Tuesday-Thursday 4:00 PM Spring 2021 Instructor: Francis Mummery Introduction Welcome to Economics 315 – Intermediate Business Microeconomics! The primary objective of this course is to develop the complete set of tools required for a firm’s manager to make well informed, responsible, and efficient business decisions in an increasingly dynamic world. The course integrates traditional microeconomic analysis and standard topics with the treatment of current and important topics faced by today’s managers. To be adequately prepared for today’s fast changing business environment, managers must have an understanding of the vast array of influences on the firm and an appreciation of the environment in which it operates. Hence, a business student’s education is incomplete without adequate exposure to the following perspectives: (i) Ethical issues; (ii) Global issues; (iii) Political, social, legal, regulatory, and environmental issues; (iv) Technological issues, and (v) The impact of demographic diversity on organizations. This class will provide the students with the tools to apply the insights of economics to the business environment with the perspectives outlined above. Contact Information I can be most efficiently reached through Course Mail in Canvas or by email at [email protected] I promise to respond to all emails within 24 hours, and usually less than 12 hours, including weekends. I can also be reached by phone at 657 278-5650. Office hours are by appointment. If you need clarification on anything, please don’t hesitate to contact me through Course Mail. Most questions can be answered well in this format. However, if needed, we can set up a time to meet via phone or Zoom. Requirements Students taking this course must have completed Econ 201, Econ 202, and Math 135, or the equivalents of these courses. In addition, students should have had, or currently be enrolled in ISDS 361A. All unqualified students should drop this course. Text Managerial Economics and Business Strategy, 9th Edition, by Michael R. Baye and Jeffrey T. Prince, McGraw-Hill Irwin, 2018, with Connect.

Study Tools Numerous videos have been created to relay all course information and are available in Canvas. Please review every video carefully and take detailed notes. All homework and exam questions can be answered with a thorough understanding of all the material presented in the videos. Modules containing the videos are opened weekly every Monday morning at 12:00 AM. You can access the videos at any time once they are opened. On Tuesdays and Thursdays of each week (except exam days) I will hold a Zoom session from 4:00 – 4:30 PM to introduce key topics and answer questions. From 4:30 – 5:15 PM, a graduate assistant will hold a Zoom session to go over homework and other questions. The pre-recorded videos are the primary method used to deliver new course content and are very detailed. If you wish to explore a topic further or see additional examples, you are encouraged to read the relevant sections in the textbook. In addition, the publisher’s website has many practice exercises and additional examples which you might want to explore (see: http://highered.mheducation.com/sites/1259290611/student_view0/demonstration_problem_vide o.html). There is also a website for an older edition of the text that provides some additional practice exercises, (see: http://highered.mheducation.com/sites/0073523224/information_center_view0/index.html). I encourage you to read The Wall Street Journal. If you are an economics or business major, you need to start reading this publication if you are not doing so already. For an amazing offer on this indispensable resource, see the following website: https://r.wsj.com/PROF7phd My experience has shown me that the students that perform best in this class are those that attend the Zoom sessions, review every video, take careful notes, continually review the material, practice with homework exercises, and communicate with me if there are any questions or concerns. You will be required to do a number of homework exercises throughout the semester and your performance on these exercises will be included in your course grade. These assignments will be from the chapters we cover, and all material will be covered in the lectures. You will be doing all of the assignments in Connect. This program can be purchased as part of a package with your text at the bookstore, or you can purchase it by going to the Connect Web Address for this class which is as follows: https://connect.mheducation.com/class/f-mummery-spring-2021-tue-thur-20766 PLEASE REGISTER USING YOUR NAME EXACTLY AS IT APPEARS IN THE UNIVERSITY’S RECORDS.

Assessment Grades will be assigned based on student performance in the following areas: Evaluation Area Exam 1 Exam 2 Homework (through Connect) Exam 3 Comprehensive Final Exam Total

Points Possible 100 100 100 100 100 400

Your course grade is determined by your total points on three exams and your total homework score. If you are happy with your grade after taking the first three exams, you do not need to take the final exam. If you take all four exams, I will use the highest three scores in the determination of your grade. You are encouraged to take all four exams. This gives you the chance to drop a low score for any reason, including illness or technical problems. Please note: Exams cannot be rescheduled or made up for any reason. If you do not take an exam for any reason, the score will be zero and will be dropped when calculating final grades. The grading scale is based on your total points: A = 360.00+ (90% of 400); B = 320.00 – 359.99; C = 280.00 – 319.99; D = 240.00 – 279.99; F: < 240.00. Note that the cut-offs for the grades are firm. THERE IS NO ROUNDING. THERE ARE NO EXCEPTIONS. No plus/minus grades are given in this course. Students can only earn points from exams and the Connect homework. There are no exceptions. Homework and exam deadlines cannot be extended or switched to different dates, and all times indicated are Pacific Standard Time (PST) prior to March 14, 2021, and Pacific Daylight Standard Time (PDT) thereafter. All exams are taken through Canvas, while all homework is done through Connect. Homework can be submitted at any time during the open window but must be submitted by 11:59 PM on the due date. Please note that you are able to make an unlimited number of attempts on the homework and I only keep the highest score. Connect will always show your average score. If you go back to review a homework assignment and do not enter any answers, Connect scores this as a zero. Do not worry about the average score. I only use the highest homework score from each chapter in grade calculations. To avoid problems that occurred in past semesters, Connect scores will not show in Canvas. Extra Help Available Free tutoring is available at the Mihaylo College Tutoring Center. Here is the link to the website: https://business.fullerton.edu/Tutoring

The graduate assistants will also be holding additional office hours. The schedule will be forthcoming. There is also supplemental instruction (SI) for this course. There are two SI leaders: one is Vy Do, who will hold sessions on Mondays and Wednesdays from 5:30 – 6:45 PM; the other is Elizabeth Whitaker, who will hold sessions on Tuesdays and Thursdays from 2:30 – 3:45 PM. You are not required to attend these sessions, but students often find SI helpful. I want you to do well. There is a lot of help available. Please take advantage of the resources available to you. Technical Competencies Expected of Students: The following technical computer skills are required of students during this online timeframe: 

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Use of Zoom (tutorial may be accessed here: https://youtu.be/gWEPFFx9PfI) Use of word processing (i.e., Microsoft Word) Use of Adobe Reader and converting formats to .PDF Use of a Web Browser (i.e., Mozilla Firefox, Google Chrome, Microsoft Internet Explorer, or Safari) Handling e-mail communications and inserting attachments; your CSUF e-mail account should be checked daily – as this is the instructor’s communication method for an online class Downloading and uploading files from the Internet Computer hardware, software, and settings requirements: o Operating System: Windows 7, 8, 10 or Mac OS X/X+ o Processor: 2+ GHz o Memory: 4+ GB · Plug-ins: PDF Reader, QuickTime, Java. Flash Player is no longer recommended. o Web browser: Chrome, Firefox or Safari o Display: 1336x768 or higher o Internet connection: FiOS/DSL/Cable o E-mail: CSUF student email account o Sound card or built-in sound: required o Software: Microsoft Office 365 or similar o Zoom o Microphone: required (external or built-in) o Webcam: required (external or built-in, you can also use your mobile phone as a webcam for Zoom Important Settings/Considerations: For Zoom, a smart phone will work, but you may have a hard time viewing content, so a laptop/computer/tablet is recommended. Test your Zoom technology: https://zoom.us/test Free software to CSUF students (including Zoom, Microsoft Office, and Adobe): http://www.fullerton.edu/it/students/software/ What to do when technical problems develop: If students are having problems using the features implemented in the course site, they should call the Help Desk at (657) 278-8888 or e-mail [email protected].

Netiquette (Appropriate On-Line Behavior): Navigating the Internet dictates that you adhere to a certain unspoken code of conduct. This online set of rules, called netiquette, ensures that you are not misunderstood (and that you do not offend anyone) when communicating on-line. Zoom Etiquette        

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Use your webcam and put your microphone on mute during Zoom class sessions (unless instructed otherwise). If you are unable to turn on your video, add a profile picture. Test your camera position before each class begins to ensure you are centered in the camera. Make sure to limit distractions as much as possible during class (i.e., find a quiet space, do not browse other apps, put your phone away, etc.) to be more engaged. Do not use inappropriate Zoom backgrounds or nicknames; this course is centered around professionalism and it is expected you act accordingly. Keep professional behavior during the Zoom session (e.g. dress appropriately for class, consider your body language, do not participate in non-course related activities) Keep irrelevant chat to a minimum Do not offend or enrage a classmate (be sensitive and use appropriate language); no shouting (using all capital letters); if you do not have anything nice to say, do not say it Do not personally record the class meeting on your device. This is a policy from the University to protect individual privacy and violating this rule can result in campus disciplinary action. More Core Rules of Netiquette can be found at: http://www.albion.com/netiquette/corerules.html Unprofessional conduct will result in at least a 10% course grade reduction.

If you need a laptop and/or WiFi access to continue to participate in class and complete assignments online, please complete the form: COVID-19 Related Device Request Form (see: https://apps.fullerton.edu/coviddevicerequest/Request.aspx). A staff member will follow up within 1 business day.

President’s Directive & Health and Safety Guidelines: Cal State Fullerton (CSUF) is actively working to maintain the safety of our campus community. To stay current with information, please visit CSUF’s Titan’s Return: A Phased Approach (see: http://coronavirus.fullerton.edu). Academic Dishonesty I encourage you to use the resources listed in the syllabus and posted on Canvas. Before using other resources that you find online, I encourage you to discuss them with me. The use of sites,

including but not limited to Chegg and Course Hero, which require subscriptions and provide solutions to homework problems, exam questions, etc., is explicitly prohibited in this course and is considered academic dishonesty. Collaborating has been made easier by the many tools available to use on the internet (e.g. Discord, Zoom, Microsoft Teams). I encourage you to use these tools to work together, to form study groups, etc. However, any sharing of assignments (even if just to help) or using these communication tools for unauthorized collaboration is considered academic dishonesty. Unless otherwise explicitly stated by the instructor, assignments, and examinations must be completed on your own. Academic dishonesty will result in a grade of F for the course plus additional university level disciplinary action leading to expulsion. Drops If you decide to drop the course, be sure you do so with Admissions and Records office, otherwise your course grade will be an F.

Course Outline The outline below is tentative and subject to change. The Roman numerals (i) through (v) reflect the perspectives mentioned in the Introduction that are interwoven in the course material. Please do not procrastinate. I will be making frequent announcements to guide your progress and remind you of deadlines. Week of

Chapter (perspectives); Deadlines

01/25/2021

1: The Fundamentals of Managerial Economics (ii)

02/01/2021

2: Market Forces: Demand and Supply (ii, iii, iv, v)

02/08/2021

3: Quantitative Demand Analysis (ii, iii, iv, v)

02/15/2021

3: Quantitative Demand Analysis (ii, iii, iv, v) 3: Quantitative Demand Analysis (ii, iii, iv, v);

02/22/2021

CHAPTERS 1-3 HOMEWORK (30 POINTS) DUE BY 11:59 PM, TUESDAY, 02/23/2021 EXAM 1 (100 POINTS), 4:00 – 5:15 PM, THURSDAY, 02/25/2021

03/01/2021

5: The Production Process and Costs (ii, iii, iv)

03/08/2021

6: The Organization of the Firm (ii, iii, iv)

03/15/2021

7: The Nature of Industry (iii, iv)

03/22/2021

8: Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets, (i, iii, iv)

03/29/2021

Spring Recess

04/05/2021

8: Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets, (i, iii, iv);

CHAPTERS 5-8 HOMEWORK (44 POINTS) DUE BY 11:59 PM, TUESDAY, 04/06/2021 EXAM 2 (100 POINTS), 4:00 – 5:15 PM, THURSDAY, 04/08/2021

04/12/2021

9: Basic Oligopoly Models (i, iii)

04/19/2021

10: Game Theory: Inside Oligopoly (i, iii)

04/26/2021

11: Pricing Strategies for Firms with Market Power (i, iii)

05/03/2021

11: Pricing Strategies for Firms with Market Power (i, iii) 13: Advanced Topics in Business Strategy (i, iii) 14: A Manager’s Guide to Government in the Marketplace (iii, v);

05/10/2021

CHAPTERS 9-11 HOMEWORK (26 POINTS) DUE BY 11:59 PM, TUESDAY, 05/11/2021 EXAM 3 (100 POINTS), 4:00 – 5:15 PM, THURSDAY, 05/13/2021

05/17/2021

FINAL EXAM (100 POINTS), 5:00 – 6:50 PM, TUESDAY, 05/18/2021

Note: There are no homework questions from Chapters 13 and 14. Additional Course Information: There are no exceptions to the course grading outlined above. There are no exceptions to the final exam date set by the University. Students with disabilities have the right to accommodations for documented special needs via the Disability Support Services, UH 101 or via http://www.fullerton.edu/disabledservices/ Although all facets of this class are completed online, here is the link to the required steps for campus emergencies in the event you find yourself on campus for some reason: http://prepare.fullerton.edu Mihaylo College of Business and Economics Assessment Statement

The programs offered in Mihaylo College of Business and Economics (MCBE) at Cal State Fullerton are designed to provide every student with the knowledge and skills essential for a successful career in business. Since assessment plays a vital role in Mihaylo College’s drive to offer the best, several assessment tools are implemented to constantly evaluate our program as well as our students’ progress. Students, faculty, and staff should expect to participate in MCBE assessment activities. In doing so, Mihaylo College is able to measure its strengths and weaknesses and continue to cultivate a climate of excellence in its students and programs.

Learning Outcomes for Economics 315 Overview: After taking this course, students should understand how to apply economic theory and methods to managerial decisions. They should be able to link external market forces to business output and pricing decisions, know how to apply marginal analysis to discrete business choices, and recognize the market structure in which a business operates and its effects on decision making. Students should be able to: 1. Recognize the difference between opportunity and accounting costs and understand the impact of opportunity costs on managerial decision making. 2. Understand the importance of converting future values to a present value and apply present value tools to calculations of the value of the firm, project choice and other applications. 3. Distinguish marginal impacts from total impacts and use marginal analysis for the determination of an optimal choice variable in a discrete and continuous setting. 4. Identify the factors in consumer demand and producer supply. 5. Determine a predicted market equilibrium graphically and algebraically. 6. Clarify the welfare impacts to society of a market equilibrium. 7. Determine the direction of market equilibrium changes following governmental interventions in a market. 8. Determine the direction of market equilibrium changes following external changes in a market (comparative statics). 9. Explain the concept of own-price and other elasticities. 10. Calculate elasticities using point estimates and functional formulas. 11. Identify the factors affecting an own-price elasticity for a firm’s product. 12. Use own-price elasticity concepts to determine the optimal price/ quantity combination to maximize a firm’s total revenue. 13. Obtain elasticities using different types of demand functions. 14. Analyze demand and supply function coefficients to analyze the nature of a good and its market impacts. 15. Clarify the relationship between inputs and outputs in a production function. 16. Distinguish the short-run and long-run frameworks for planning. 17. Calculate short-run measures of efficiency and use these measures to determine the optimal amount of a variable input for a profit-maximizing firm. 18. Conceptualize the long-run technology choice of a firm to minimize costs to achieve production goals. 19. Calculate the associated costs of input usage in the short and long-run. 20. Determine the optimal scale of firm production in relation to average costs. 21. Calculate concentration statistics and other ratios which identify the different types of market structure in which a firm operates. 22. Understand how market structure impacts a firm’s pricing and quantity decisions. 23. Calculate the optimal quantity and pricing decisions of firms in different market structures (perfect competition, monopoly, monopolistic competition) to achieve profit maximization. 24. Apply the shutdown analysis to firms operating with short-run losses. 25. Use the tools of marginal analysis or game theory to determine pricing and quantity strategies for firms operating in an oligopolistic market structure.

Economics 315 and the B.A. in Business Administration How does this class relate to others you will take in your B.A. in Business Administration? Below you will find a chart listing concepts covered in this class and how they relate to other subjects covered in your other classes.

Economics 315 Intermediate Business Microeconomics

Key Concepts

Link to Core

Key Concept 1: Firm goals, choices & constraints 1

Key Concept 2: Opportunity (implicit) costs Vs. accounting (explicit) costs

Accounting 201B

Key Concept 3: 5 ...