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MBA 674 Economics for Mgt Decisions
Soule, Peter E.


Mission Statement: The mission of the School of Graduate and Professional Studies at Park University is to provide leadership and directions to Park University's graduate and professional programs to assure that they are specialized, scholarly, innovative, and designed to educate students to be creative, independent, and lifelong learners within the context of a global community.

Vision Statement: Park University's School of Graduate and Professional Studies will be an international leader in providing innovative graduate and professional educational opportunities to learners within a global society.

Course

MBA 674 Economics for Mgt Decisions

Semester

SPP 2010 MB

Faculty

Soule, Peter E.

Title

Professor of Economics

Degrees/Certificates

PhD. Economics

Office Location

Parkville Campus Mackay Hall Room 27A

Office Hours

MW 9:00-12:00 Noon

Daytime Phone

816-584-6301

Other Phone

Cell: 913-486-5649

E-Mail

pete.soule@park.edu

Semester Dates

Jan13-May 5, 2010

Class Days

---W---

Class Time

6:00 - 8:30 PM

Prerequisites

EC141, EC142, EC315 (or equivalent intermediate statistics course) and CS140 (or equivalent MS Word & Excel course)

Credit Hours

3


Textbook:
Thomas and Maurice, Managerial Economics, 9th ed. McGraw-Hill 2008 ISBN 978-0-07-340281

Textbooks can be purchased through the Parkville Bookstore

Additional Resources:
STYLE MANUAL: Hacker, Diana. Rules for Writers or other APA style manual.

McAfee Memorial Library - Online information, links, electronic databases and the Online catalog. Contact the library for further assistance via email or at 800-270-4347.
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Course Description:
MBA 674 Economics for Management Decisions: This course covers microeconomic analysis of specific problems faced by business firms. These problems include selecting the optimal product mix to maximize profit or minimize cost; selecting the optimal portfolio mix to meet specific firm financing requirements; selecting the optimal path for shipping products or raw materials; and other problems appropriate to the business firm. The course includes determining an optimal solution to conflicting firm objectives such as maximizing profit and minimizing pollution. It also covers the solution of problems that include soft constraints. The analysis is conducted using Microsoft Excel to solve problems by Linear Programming and regression analysis. Prerequisites: EC 141, EC 142, and EC 315 or equivalent approved by Program Director. (Formerly EC 604)

Educational Philosophy:
 

 The purpose of this course is to educate, which requires two things to happen. The teacher must teach or facilitate learning and the student must learn the required materials. This requires feed back to the instructor on how the student is learning. This feedback occurs in written work and classroom discussion.

It is preferred that students ask questions during class as they arise. Often, a student will approach the instructor after class with a question that brings up a very important point that should have been addressed during class but the class is out the door. This is especially true with perceived calculation errors on the part of the instructor, which were placed on the black (or white) board and are therefore in everyone’s notes. If there was an error, it will be corrected. If not, there was confusion not only on the part of the student asking the question, but also others in the class, who saw the same apparent error but didn’t ask about it. Obviously, this calls for additional clarification on the part of the instructor. No question is dumb and no student will be belittled for asking a question or making a comment.

The homework is intended to assess what students know and what they don’t. Perfection is not expected and the grading is somewhat inflated. Homework is graded based on effort while tests and papers are graded on achievement. If the student indicates a near total lack of understanding of assigned homework, the grading will become more realistic so that the student is not lulled into a false sense of mastery just before the test boom gets lowered. A second area where grading is benign is the Initial Topic Paper of the Term Project. It is expected that some student groups will have more difficulty absorbing the concepts of the Initial Topic Paper. Having said all this, it is still true that perfect or near-perfect homework and Initial Topic Papers will earn higher scores than less perfect ones. 

Learning Outcomes:
  Core Learning Outcomes

  1. Integrate economic and statistical theory to solve practical business-oriented problems.
  2. Apply, through the use of Excel and/or SPSS software programs, the principles of Regression Analysis and analyze regression coefficients.
  3. Apply, with assistance of Excel software, Linear Programming principles to solve business oriented problems.
  4. Apply the principles of the multiple-regression research model to develop a written proposal on a topic chosen through group collaboration.
  5. Analyze and evaluate the statistical significance of regression results, including the t, R2, and Durbin-Watson statistics, and incorporate the findings in a written formal report for the regression model.
  6. Demonstrate effective communications skills through an oral and/or technology assisted presentation of the group term project proposal and the final report.


Core Assessment:

Class Assessment:

HOMEWORK: Homework is graded liberally and solution copies are provided to students. The primary purpose of homework is to give feedback to the students and the instructor as to what learning has taken place. Successful mastery of homework is necessary preparation for the test(s). Any questions on the homework problems need to be resolved prior to the subsequent test.

TEST INFORMATION: Tests will primarily involve problem solving but may also have multiple choice and/or short answer sections. The problems will be similar to those presented in class and provided in the homework assignments.   All tests will be closed Textbook and closed-notes. Statistical tables which are handed out in class will be attached to tests as necessary. Test 2 will focus on material presented after the previous Test. The final exam will be comprehensive.

TERM PROJECT. The class will be divided into two person groups that will work together outside of class on their term project. There are three aspects to this project.

             1. The TOPIC AND FEASIBILITY PAPER involves proposing a regression model which must relate to some aspect of managerial economics. This paper must be accompanied by current (latest available) data that will be used in the regression. Do not conduct the regression at this point. It is advisable to discuss the proposed model with the instructor prior to submitting this paper. Use cross-section or time-series data. Do not use “pooled” cross-section and time-series data. This requirement will be reported in a MS Word file and an Excel file (for the data).         

   2. The PROPOSAL PAPER is a written report using the APA format for in-text citations and the References page.  It is written after acceptance by the instructor of the Topic and Feasibility Paper. The Proposal is a formal paper explaining why each of the independent variables were chosen and the expected relationship of each of them to the dependent variable. It does not include regression data or output. 
 
            The first step in researching a full formal quantitative research paper is to do a survey of the literature. That survey of the literature summarizes all previous studies in the area of the intended research project.   We will skip this step but this project will require that the relationship between the independent variables and the dependent variable be based on previous research. The proposal requires a "Sez who" citation for each independent variable that links it to the dependent variable. These references cite someone else who, in print, said your independent variables are important to your dependent variable.  The only sources that cannot be used for the “Sez Who” citations are encyclopedias of any sort, including the Wikipedia, and dictionaries.  Often, text books are good sources because they are full of definitions of relationships.  The Proposal must have APA format, in-text citations for the “Sez Who” sources and the data sources. The Proposal is submitted  a MS Word file.  
       
   3. The REPORT uses the Proposal Paper as its introduction. Here, the results of two Excel regressions will be reported. The initial model data will be regressed and then the data will be changed in an attempt to improve the statistical significance of the model. For both regressions, the student group will analyze the Excel output to include discussing the statistical significance of each independent variable. The importance of the R-Squared statistic and for time-series regressions the Durbin-Watson statistic will be discussed. The Report will contain a table for each regression that includes the name of the Dependent Variable, sample size, R-Squared, and (for time-series regressions) the Durbin-Watson statistic. These tables will have a line for each independent variable that includes the variable name, its coefficient, t-statistic, and P-value. The Excel printouts will be attached as an appendix after the APA References page. The Report will be in a MS Word file with an Excel file containing the data that was regressed

ORAL REPORT. Oral presentations are a group project that will result in a grade to each student in the group. Grading will include the group’s compliance with the following. Appropriate attire for all group members is a tie and jacket for males and equivalent attire for females.

        PowerPoint presentations should follow the following rules.

           1) The 3-5-7 rule

               - No more than 3 main points per slide

               - No more than 5 lines of dense text

               - No more than 7 words per line

            2) Avoid technology bells and whistles that do not enhance learning objectives of your presentation.

Grading:
 

                                  Evaluation Item     Points    Date

            Homework and Case Studies       100   Assigned in Class

     Project Topic and Feasibility Paper      100     Feb 5
                                                  Test 1       125     Feb 17
           Term Project Written Proposal        80      Mar 17
                                                  Test 2       125     Mar 31
              Term Project Written Report         70      Apr 7
                 Term Project Presentation       100      Apr 28 
                                          Final Exam       300      May 5 
                                               TOTAL      1000

Late Submission of Course Materials:
 

Completed homework is collected at the beginning of the class on the day it is due. After that time, up to the point at which the solution is distributed, the maximum homework grade will be 50%. Typically, the homework solution is distributed when homework is returned. After this point LATE HOMEWORK CAN EARN NOT MORE THAN 20% CREDIT.

A student, who misses an exam, is allowed to make it up if their absence was excused before the test or is a genuine emergency. Makeup tests will substitute essay questions for the short answer and multiple-choice portion of the original exam. The makeup test will have a different problem section and will include subjects covered since the exam that was missed.

Classroom Rules of Conduct:
 

EMAIL TO INSTRUCTOR: Always use the following subject line: MBA674, First-Name, Last-Name, and (short) subject.   If you leave a message by voice mail or any other means be sure to include this information.

CELL PHONES and PAGERS. Turn off cell phones and pagers before class. Any one, who has a vital need for such devices during class, must discuss this with instructor before class. In this situation, if device has a vibrate mode, it must be used. The student must leave the room to take any message. Cell phones cannot be used during tests.

GRADING OF GROUP PROJECTS. The individual student’s grade will generally be the group grade unless there is evidence that a student is not sharing in the group effort, the student is absent, or in the case of oral presentations, is not paying attention to other student presentations.

Course Topic/Dates/Assignments:
 

 Tests are fixed per the schedule below. Class material will be presented in the order shown below but will deviate from the schedule as necessary.

 Week/Date            Topic(s)                                                              Text Chapter

 1 Jan 13       Regression Intro                                                          4 (p. 118-24)

 2 Jan 20       Managers, Profit, and Markets                                                1 

 3 Jan 27       Demand, Supply, and Equilibrium                                          2           

 
 4 Feb 3         Marginal Analysis                                                                  3


 5 Feb 10       Elasticity                                                                                  6

                             (Project Topic and Feasibility Paper Due)                           


 6 Feb 17       TEST 1 
 

 7 Feb 24       Excel Regression                                                                   4 (125-46)

 8 Mar 3         Consumer Behavior Theory                                                   5    


 9 Mar 17       Production and Costs in Short Run                                        8
                              (Term Project Proposal Due) 
  

10 Mar 24      Managerial Decisions in Competitive Markets                        11

                                                                         


11 Mar 31      TEST 2 (Last 1 hour and 15 minutes of period) 

                        Forecasting                                                                             7 
  

12 Apr 7    Managerial Decisions in Non-Competitive Markets                    12

                    (Term Project Report Due)                                                  


13 Apr 14      Production and Cost in Long-Run                                          9   


14 Apr 21    Production and Cost Estimation                                             10    


15 Apr 28   Term Project Oral Presentations                                                 *


16 May 5   FINAL TEST                                                   All Previous References

Academic Honesty:
As a learning community, the University upholds the highest standards of academic integrity in all its academic activities, by faculty, staff, administrators and students. Academic integrity involves much more than respecting intellectual property rights. It lies at the heart of learning, creativity, and the core values of the University. Those who learn, teach, write, publish, present, or exhibit creative works are advised to familiarize themselves with the requirements of academic integrity and make every effort to avoid possible offenses against it, knowingly or unknowingly. Park University 2009-2010 Graduate Catalog Page 31

Plagiarism:

Plagiarism involves the appropriation of another person's ideas, interpretation, words (even a few), data, statements, illustration or creative work and their presentation as one's own. An offense against plagiarism constitutes a serious academic misconduct.  Although offenses against academic integrity can manifest themselves in various ways, the most common forms of offenses are plagiarism and cheating. Plagiarism goes beyond the copying of an entire article. It may include, but is not limited to: copying a section of an article or a chapter from a book, reproduction of an art work, illustration, cartoon, photograph and the like and passing them off as one's own. Copying from the Internet is no less serious an offense than copying from a book or printed article, even when the material is not copyrighted.

Plagiarism also includes borrowing ideas and phrases from, or paraphrasing, someone else's work, published or unpublished, without acknowledging and documenting the source. Acknowledging and documenting the source of an idea or phrase, at the point where it is utilized, is necessary even when the idea or phrase is taken from a speech or conversation with another person.

Park University 2009-2010 Graduate Catalog Page 31-32


Attendance Policy:

Professors are required to maintain attendance records and report absences. Excused absences can be granted by the instructor, for medical reasons, school sponsored activities, and employment-related demands, including temporary duty. Students are responsible for any missed work. Absences for two successive weeks, without approved excuse, will be reported to the Director of the individual graduate program, or to the Executive Director for the Graduate School, for appropriate action. Students with such a record of absences, without an approved excuse, may be administratively withdrawn from the class and notified that an "F" will be recorded, unless the student initiates official withdrawal from the class(es).Park University 2009-2010 Graduate Catalog Page 35

Disability Guidelines:
Park University is committed to meeting the needs of all students that meet the criteria for special assistance. These guidelines are designed to supply directions to students concerning the information necessary to accomplish this goal. It is Park University's policy to comply fully with federal and state law, including Section 504 of the Rehabilitation Act of 1973 and the Americans with Disabilities Act of 1990, regarding students with disabilities. In the case of any inconsistency between these guidelines and federal and/or state law, the provisions of the law will apply. Additional information concerning Park University's policies and procedures related to disability can be found on the Park University web page: http://www.park.edu/disability .

Copyright:

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Last Updated:12/16/2009 2:54:18 PM