Winterim January 2017 for MSM 805

Syllabus for Business Economics 805 for the Master of Science in Management

LUBAR SCHOOL OF BUSINESS, University of Wisconsin-Milwaukee

Lecture 001 is Monday through Friday 9:00-12:00 AM (30083) in Lubar Hall N333

UWinteriM 2017, 3 credits, January 2 through 20, 2017

INSTRUCTOR: Richard D. Marcus, Ph.D.is an Associate Professor of Business and the Chair of the LSB Executive Committee

OFFICE: S430F in Lubar Hall. My mailbox is also on the fourth floor of Lubar Hall

OFFICE HOURS: Monday – Friday from 11:40AM – noon in Lubar Hall S430F and by appointment.

TELEPHONE: 414-229-4103 (office) or 414-228-7731 (home) or 414-510-7731 (cell)

E-mail: marcus@uwm.edu

HOMEPAGE: https://sites.uwm.edu/marcus/

BUSINESS ECONOMICS 805: Economic analysis of problems in business and public policy issues so that an MS-M graduate will be able to think and speak like an economist. The topics include traditional issues of price elasticities, cost and production functions, and pricing issues in the market. Marketing and behavioral applications of economic concepts will be highlighted.

TEXTBOOK: Economics for Managers, Third Edition, by Paul G. Farnham, 2014, Pearson.

FINAL EXAM: Thursday, January 21. The final covers Chapters 1-11 plus Chapters 13 and 16 for 100 points out of 220 total possible in the course.

GRADES: Grades will be based on the total points earned on 12 in-class quizzes and the final. There are no “extra credit” points available. If a student is ill, an in-class quiz can be emailed to the student to be returned the following day. Scores will be posted on Desire2Learn at: http://d2l.uwm.edu/.

TIME EXPECTATIONS: In a regular semester, for each hour of lecture there are two hours preparation. With our compact 12 class days, each chapter takes about two hours to read and about 1 hour of preparation for daily quizzes, and more time preparing for the final.

SNOW DATE MAKE-UP CLASSES: If the University is closed for one or more snow days, the make-up classes will be on Saturday, January 9, 2016; Saturday, January 16, 2016; and/or Friday, January 22, 2016.

CLASSROOM POLICIES: UWM has long-standing policies on academic misconduct, sexual harassment, discrimination, adding, dropping, withdrawal, repeating classes, and changes of grade. These policies are available at:   https://sites.uwm.edu/marcus/policies/

SPECIAL NEEDS: If anyone has a need for note-taking or testing assistance, please feel free to discuss this with me early in the semester. Slide presentations are available weekly in class and will be available on D2L.

SOCIAL CONNECTIVITY: Economic and financial announcements occur daily. Some will be highlighted for special attention. These can appear on Facebook walls or as text messages using Twitter. Students will be invited to like a fan page that for Professor Marcus’ class. It is called UWMFinance350 and the same name in Twitter. Links to these locations are on the NAVIGATION line on D2L site for our class. You can view the messages sent by clicking either Facebook or Twitter. You can click the like “thumps up” icon in Facebook or click follow in Twitter to have it sent to your own page or phone.

SPECIAL NEEDS: If anyone has need for note-taking or test-taking assistance, please feel free to discuss this with me early in the session. Worked problems and old exams are available on Desire2Learn at http://d2l.uwm.edu/ using your UWM email name and password.

Class Schedule for Business Economics 805

Tuesday, January 3 –  Managers and Economics (Chapter 1) and Demand, Supply and Equilibrium Prices (Chapter 2). In-class quiz 1 in groups of two.

Wednesday, January 4 –  Demand Elasticities including price, income, cross-press elasticities (Chapters 3). The Economic Model of Consumer Choice (Appendix 3A) In-class quiz 2 individually.

Thursday, January 5 –  Techniques for Understanding Consumer Demand and Behavior (Chapter 4). In-class quiz 3 in groups of two.

Friday, January 6 –  Production and Cost Analysis in the Short Run (Chapter 5). In-class quiz 4 individually.

Monday, January 9 –  Production and Cost Analysis in the Long Run (Chapter 6) Isoquant Analysis (Appendix 6A). In-class quiz 5 in groups of two.

Tuesday, January 10 –  Perfect Competition (Chapter 7) Industry Supply (Appendix 7A). In-class quiz 6 individually.

Wednesday, January 11- Monopoly, Monopolistic Competition, and the Economics of Crime (Chapter 8). In-class quiz 7 in groups of two.

Thursday, January 12 –  Oligopoly (Chapter 9). In-class quiz 8 individually.

Friday, January 13 –  Price Discrimination (Chapter 10). In-class quiz 9 in groups of two.

Monday, January 16 –  Rev. Martin Luther King Jr. Day – There are no classes on Monday.

Tuesday, January 17 –  Cost-Plus Pricing and Pricing Strategies for the Firm (Chapter 11). In-class quiz 10 individually.

Wednesday, January 18 –  The Role of Money in the Macro Economy (Chapter 13). In-class quiz 11, class divided into groups of three.

Thursday, January 19 –  Managerial Decision Making: The Case of Strong Headwinds for McDonald’s – Integrative Economic Exercise (Chapter 16). In-class quiz 12, class divided into four groups and group presentations.

Friday, January 20 – In-class Final (Chapters 1-11 plus 13 & 16). Post final class discussion and speculation one what the future of money and money payment systems might look like in our digital age.

Scores and grades will be posted on D2L at http://d2l.uwm.edu/ and an email notice will be sent when grades have been reported on PAWS.