Master Syllabus: MBA 6651 2

Master Syllabus: MBA 6651 2

TROY UNIVERSITY
MASTER SYLLABUS
SORRELL COLLEGE OF BUSINESS

MBA 6651
Managerial Economics

Prerequisites

MBA 5503 and MBA 5505, or equivalents.

Description

A study of the decision-making process of business firms in the resource allocation process. Both the functioning of markets and the decisions of firms in a variety of market structures are considered. Various theories of the firm are used to study the optimal decision-making rules for business firms under conditions of uncertainty.

Objectives

On completion of the course, the student should be able to:

1. Apply microeconomic models to real-world managerial problems using basic calculus techniques and linear programming.

2. Use function maximization, minimization, and optimization to determine optimal price and production levels for a firm.

3. Synthesize price theory, optimization, and elasticity concepts to solve managerial problems within the four market structures.

4. Apply demand theory and estimation to managerial decision-making.

5. Apply cost theory and estimation to product pricing and production levels.

6. Demonstrate familiarity with the literature on microeconomics.

7. Explain the concept, applications, and implications of competitive advantage, including the importance of aligning core products with core competencies and core values.

Purpose

To provide strong familiarity with the theories and quantitative techniques of managerial economics, i.e., applied microeconomic analysis. In particular, these theories and techniques will be used to show how optimal economic solutions are reached by managers who operate firms in various market environments. The aspects of economics which are relevant to the managerial decision-making processes are stressed. The basic techniques of calculus will be applied when solving various problems.

Approved Texts

Hirschey, M. (2009 or current). Managerial economics (12th ed.). Mason, OH: South-Western/Cengage Learning.

Keat, P. & Young, P. K. (2009) Managerial economics (6th ed.). Upper Saddle River, NJ: Prentice Hall.

Truett, L. J. & Truett, D.B. (2006). Managerial economics (8th ed.). Hoboken, NJ: Wiley.

Recommended Optional

SPSS Version 15 (Student Version). (8th ed.) McGraw Hill/Irwin – SPSS Inc. ISBN-13: 9780077223519

Supplements

As deemed appropriate.

Troy State University Faculty Handbook (2001): Section 3.8.2.8 [extract]—22 essential elements of the syllabus (somewhat modified for space):

a. Course title
b. Course number
c. Term
d. Instructor
e. Prerequisites
f. Office hours
g. Class days, times / h. Classroom location
i. Office location
j. Office telephone
k. Course description, objectives
l. Text(s)
m. Other materials / n. Grading methods, criterion weights, make-up policy, mid-term grade reports
o. Procedure, course requirements / p. General supports (computer works, writing center)
q. Daily assignments, holidays, add/drop & open dates, dead day, final exam / r. Additional services (Americans with Disabilities Act, other statements)
s. Absence policy
t. Incomplete-work policy / u. Cheating policy
v. Specialization requirements (certification, licensure, teacher competencies)