STATE UNIVERSITY OF NEW YORK
COLLEGE OF TECHNOLOGY
CANTON, NEW YORK
COURSE OUTLINE
ECON 314- MANAGERIAL ECONOMICS
Prepared by: Karen Spellacy and Edouard Mafoua
SCHOOL OF BUSINESS AND LIBERAL ARTS
BUSINESS DEPARTMENT
Fall 2006
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Managerial Economics - Course Outline | ECON 314, Lab Reports of Managerial Economics
Material Type: Lab; Professor: Mafoua; Class: MANAGERIAL ECONOMICS; Subject: Economics; University: SUNY College of Technology at Canton; Term: Fall 2006;
Typology: Lab Reports
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STATE UNIVERSITY OF NEW YORK
COLLEGE OF TECHNOLOGY
CANTON, NEW YORK
COURSE OUTLINE
ECON 314- MANAGERIAL ECONOMICS
Prepared by: Karen Spellacy and Edouard Mafoua SCHOOL OF BUSINESS AND LIBERAL ARTS BUSINESS DEPARTMENT Fall 2006
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TITLE: Managerial Economics YYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY COURSE NUMBER: ECON 314 SHORT TITLE: Managerial Economics ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ CREDIT HOURS: 3 AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA WRITING INTENSIVE COURSE: No BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBCOURSE LENGTH: 15 weeks CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCSEMESTER(S) OFFERED: Spring DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD HOURS OF LECTURE, LABORATORY, RECITATION, TUTORIAL, ACTIVITY: 45 scheduled hours per semester EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE CATALOGUE DESCRIPTION: Global case studies from the private, public and non profit sectors will be utilized to illustrate the application of economic theory and quantitative methods to managerial decision making. Students will engage in problem solving exercises that will integrate various principles of business, statistics and economics to determine market forecast, pricing strategy, resource usage, and production level. Prerequisites: (ACCT 101 and a student must have meet the General Education Requirement in Mathematics) OR ECON 103 OR permission of instructor. GER 3 Approved FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF PRE-REQUISITES/CO-COURSES: [ACCT 101 AND GER 1 (Mathematics)] or ECON 103 GGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGG STUDENT LEARNING OUTCOMES: Students will be able to:
- Identify the goals and constraints encompassed in a managerial decision.
- Estimate demand and production functions using regression analysis.
- Evaluate and explain the results of estimated demand and production functions.
- Determine appropriate pricing strategies, utilizing estimated demand elasticities.
- Perform macroeconomics and microeconomic forecasting using both qualitative and quantitative techniques.
- Evaluate the reliability of a forecast.
- Determine an appropriate forecasting technique.
DETAILED OUTLINE
ECON 314 - MANAGERIAL ECONOMICS
MMMMMMMMMMMMMMMMMMMMMMMDLII. Introduction to Managerial Economics A. Goals of Managerial Decisions
- Profit Seeking Firm
- Public Sector
- Non-profit Enterprise B. Economic Concepts and Models
- Decision Making as Optimizing with Constraints
- Opportunity Cost a. Extracting Opportunity Cost from Accounting Data
- Marginal Analysis in Decision Making
- Market Analysis with Supply and Demand C. Statistical Analysis of Economic Relationships
- Measures of Central Tendency
- Measures of Dispersion
- Hypothesis Testing
- Regression Analysis II. Demand Analysis and Estimation A. Price Elasticity of Demand
- Optimal Pricing Policy B. Cross Price Elasticity of Demand C. Income Elasticity of Demand D. Other Elasticity Measures E. Estimating Demand
- Market Research a. Consumer Surveys b. Consumer Clinics and Focus Groups c. Market Experiments
- Statistical Estimation of Demand a. Linear Regression Model b. Coefficient of Determination c. Multiple Linear Regression Model d. Statistical Significance of Regression Coefficients e. Using Regression Analysis to Forecast Demand III. Business and Economic Forecasting A. Macroeconomic Forecasting B. Microeconomic Forecasting C. Forecasting Techniques
- Qualitative Analysis
- Trend Analysis and Projection
- Exponential Smoothing
- Econometric Models D. Forecast Reliability E. Selecting a Forecast Technique
a. Net Present Value b. Internal Rate of Return c. Profitability Index
- Cost of Capital a. Debt Financing b. Equity Financing c. Weighted Cost of Capital
- Review of Investment Projects - Postaudit IX. Public Management A. Pubic versus Private Goods B. Public Choice Theory C. Cost-Benefit Analysis D. Cost-Effectiveness Analysis