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ECO550_walker_spr2009 - Managerial Economics and...

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ECO550 Student Version v200902 1 Managerial Economics and Globalization – ECO 550 Student Course Guide Prerequisite: None Quarter Spring 2009 Meeting Days/Time Thursdays 6-10 p.m. Instructor Jay K. Walker Instructor Phone 615-545-5647 Instructor E-mail [email protected] Instructor Office Hours/Location Thursdays 5-6 p.m. and by appointment Academic Office Phone Number n/a INSTRUCTIONAL MATERIAL ( including all mandatory software) Farnham, P. G. (2005). Economics for managers (1st ed.). Upper Saddle River, NJ: Pearson Prentice Hall. I. 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 firm’s 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. II. COURSE OBJECTIVES Upon the successful completion of this course, the student will be able to: a. Apply the concepts of supply and demand to identify and determine the impact of changes in market conditions in the short-run and long-run and identify the economic impact on a company’s operations. b. For a firm in a perfectly competitive industry, determine the breakeven point and determine profitability at the optimal level of output for given prices and operating costs in the short-run and analyze factors that would affect long-term production decisions. c. For monopolies and firms in monopolistically competitive industries, determine the profit-maximizing price and output level for given operating costs. d. For firms in oligopolistic markets, analyze the nature of competition and market dynamics that would affect price and output decisions. e. Apply macroeconomic concepts to determine how changes in a national economy affect economic growth, inflation, interest rates, and wage rates and identify the economic impact on a company’s operations. f. Analyze changes in foreign market conditions (exchange rates, wage rates, interest rates, inflation, global economic integration, and economic policies) and determine the impact on a firm’s strategic decisions for operating in that market.
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ECO550 Student Version v200902 2 g. Given an information requirement related to economics, determine the nature and extent of information needed to effectively address the topic; efficiently locate, determine the validity, and critically evaluate the resources; and apply the information to accomplish the specific purpose (report, case analysis, factual requirement, problem solving, planning). h.
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ECO550_walker_spr2009 - Managerial Economics and...

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