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MGMT_407_ - Spring 2010 MGMT 407.03 Economics for Managers...

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Spring 2010 MGMT 407.03 Economics for Managers Dr. Staley (TU 1535-1820, BUS 210, #14645) BUS 311 338-7471 [email protected] TU 1330-1530 and W 1400-1600 Students with disabilities who need reasonable accommodations are encouraged to contact the instructor. The Disability Programs and Resource Center is available to facilitate the reasonable accommodations process. Course description: Microeconomic and macroeconomic environments within which business organizations operate. Applications of economic theory to business operations and management decisions on a local, national, and multinational basis. Prerequisite: Grade of C- or better in DS 110, Econ 100 & 101. COURSE COMPETENCIES Upon completion of this course, the student should be able to: A. Practice maximizing the value of their firm by making decisions on price and output based upon cost and revenue data. Determine optimal resource usage mix (ex. capital versus labor) in their firm’s production process. B. Simulate the effects of the market structure environment upon the managerial decision making process with respect to efficient operating size, product differentiation, and profit margin. C. Assess their firm’s response to market failure issues and the regulatory environment in which business operates. Determine their firm’s behavior and the government’s likely response to external diseconomies (pollution), external economies (social goods), and industry concentration (monopoly issues). D. Recognize the distinction between economic and accounting costs and between incremental and sunk costs. E. Identify the sources and limitations of key economic variables.
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F. Evaluate the current state of the economy and the market in which their firm operates. G. Explain the fundamentals of Keynesian analysis and its explanations for inflation, economic growth, and recession. H. Predict the likely response of fiscal and monetary policy in reaction to changes in key macroeconomic variables such as unemployment and inflation and the effect of these policy responses on the economic environment facing businesses in terms of consumer and business spending, interest rates, and the availability of credit. I. Evaluate the effect of government budget deficits on interest rates and exchange rates. Determine the resulting effect of these policies on the U.S. Balance of Payments and on global trade and capital flows.
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