EconS 404, Economics for Managers
Summer 2008
June 16-July 25, 2008 (second session)
 Dr. Robert Rosenman
Email: yamaka@wsu.edu

PLEASE READ THIS ENTIRE PAGE.  IT CONTAINS IMPORTANT INFORATION ABOUT THE CLASS

Directory for this page

• Announcements
• Answers to End-fo-Chapter Questions and Problems
• Course Information
• Reading List
• Practice Applications

There is a page for this class at the eLearning site (https://elearning.wsu.edu/webct/entryPageIns.dowebct).  There is a discussion group for this class on the eLearning site.  You will be taking your quizzes on-line (see below) at the eLearning site as well.

Please use the discussion group for general questions about the material, and email only for specific questions that would not interest other students.

Student Evaluation of the Course will be available online.  When I announce it is up, to give us your feedback please do the following:

1. Log on to my.wsu.edu
2. Click on “Academics” in the left hand menu on the screen
3. On the Learning sub-page to Academics, you will see the courses you are enrolled in for this semester.  Next to the courses being surveyed you will see a link to the corresponding survey.
4. You may have several courses each with a survey link.  Remember which course’s link you are clicking so you give feedback to the correct instructor. You can only give feedback once.  Despite being logged into myWSU, you are passed anonymously to the survey system.
5. Complete all surveys for which links are provided.

Click here for Grades

Getting Started: Please read this entire page carefully -- it is the syllabus for the class.  You are responsible for materials covered in the textbook, the web notes and the other web readings linked in the grid below, and the tests reflect all these materials.   Be sure to get started right away, reading the textbook and web readings, and doing the practice questions available at the textbook on-line study guide (see below).  The book website gives answers to the practice multiple choice questions.  The end-of-chapter problems and questions also will help you prepare for the tests, and answers are available for odd numbered problems at the textbook website   You can discuss them on the discussion group, including posting answers, but the best learning will come by doing problems and questions without the answers.  I provide practice exams for each week, and for weeks 1 and 3 give additional practice questions since this material is not covered in the textbook.  The exams are every Thursday-Sunday, so please plan that into your week.

One important note.  I will be in Asia June 16-19 as this class gets started.  I will have internet access and will be checking both my email and the discussion group.  However, I may be a little delayed in getting back to you.

Announcements

Check back often!!!

Answers to End of Chapter Questions

(It may ask for a password and user name.  Just cancel the request and the answers should download.)

Ch1    Ch2    Ch3    Ch4    Ch5    Ch6    Ch7    Ch8

Ch8B    Ch9    Ch10    Ch11    Ch12    Ch13    Ch14

on-line math chapter

Course Information

COURSE OBJECTIVES: This course is designed to give you a working knowledge of the economy and basic abilities in economic analysis. The focus on the course is to introduce you to the tools and material necessary for an entering MBA student at WSU urban campuses, as well as for undergraduates taking the course for the majors offered by the School of Economic Sciences.  With that in mind, this course focuses on microeconomic analysis, although we'll spend a little time on the economy as a whole.  It also provides a brief introduction to calculus (but doesn't test on it).  Specific learning objectives include:

• A very basic introduction to derivatives
• An elementary understanding of how the level of economic activity is measured, including controlling for price changes.
• An understanding of how markets work through supply and demand.
• How consumer preferences and behavior motivate demand.
• How profit maximization motivates supply.
• The influence of market structure on decision making by firms.
• Some specific economic tools for managerial decision making.

All these topics are studies within the context of how management decisions are improved by economic analysis.

CONTACTING ME:  My office is Hulbert 101, phone (509) 335-1193.  My office hours are Tuesday and Thursday 9:30-10:30 and by appointment, although I am usually in my office most mornings before 10:30.  A great way to contact me is via e-mail at  yamaka@wsu.edu

COURSE ORGANIZATION:  The course is set up as a web based course. There are no traditional lectures. Instead, you have web notes and readings which supplement the textbook, and give additional examples and approaches to applying economics.   While relying a great deal on directed independent work and study, the course is not free of structure or deadlines.  You are expected to adhere to the schedule shown below, and to take tests on time.  We will communicate primarily by email, although phone is sometimes useful.  When you call for help I will expect you to have read the textbook and web readings.

CHEATING: I will not tolerate cheating. Anyone caught cheating will receive a grade of F for the course, and their name will be turned over to Student Affairs. It is in your best interest to not tolerate the cheating of others, as it will hurt your grade. Cheating includes having others do your work, copying from others, or using notes, crib sheets or other such things not allowed on tests or quizzes, or representing work that you did not do as your own.

DISABILITY ACCOMMODATION: Reasonable accommodations are available for students who have a documented disability. Please notify the instructor during the first week of class of any accommodations needed for the course. Late notification may cause the requested accommodations to be unavailable. All accommodations must be approved through the Disablity Resource Center (DRC) in Administration Annex 206 (Tel. 335-1566).

TESTS:  Your grade is based on six tests (one each week).  All tests consists of multiple choice questions.  The tests are open-book, open-note. You have 90 minutes (plus a 10 minute "grace" period) to complete the test once you start.  If you take time to look up every answer you will not finish, so study before hand and use your notes only for a limited number of questions that really stump you.  Tests are taken on the eLearning site (https://elearning.wsu.edu/webct/entryPageIns.dowebct).  Each test is worth 40 points and consists of 44 questions.  The four extra questions are in case I have "bad" questions and to give you some extra chances.  The best score possible on each test is 40, even if you get more than 40 correct. 

Because the tests are taken on the "honor" system, all questions for each person are drawn randomly from large lists of questions, so different people will have different questions.  You get three chances at each test. Each chance is a new draw of questions, so test difficulty should average out through the course.  I will count your highest grade for each test, so if you are happy with your first or second score you can stop after that attempt.  Each test will be available for four days (Thursday, Friday, Saturday and Sunday). Once you start an attempt you must finish it at that sitting, and you must break at least 30 minutes between attempts. 

Once I have grades for the 6 weeks of the class, I use your 5 best scores.  If you miss a test, it will count as the one dropped, so there are generally no make-up exams offered.

In the grid at the bottom of the page are links to practice tests for each week.  The questions are drawn from the same test banks as the real test.  I will not provide answer keys, but you can discuss questions in the discussion group, and I will provide some hints if asked.

Additional practice questions can be found at the book website http://wps.prenhall.com/bp_keat_managerial_5/0,10878,2398017-,00.html and I've also posted some extra questions for weeks 1 and 3 for topics not covered by Keats.

GRADING: Each test will be graded as if there are 40 points, even though there are more points possible.  The highest possible score is 40, even if you get more correct.  Since your 5 best tests count, that amounts to a total of 200 possible points.  The following scale will apply:

Readings and Assignments

The textbook for the course is Managerial Economics: Economic Tools for Today's Decision Makers, 5th edition, by Paul Keat and Philip Young.  ISBN 0-13-186015-1.  There is a website that has an on-line study guide at http://wps.prenhall.com/bp_keat_managerial_5/0,10878,2398017-,00.html.  Under each topic are some web readings that show how the topic relates to issues in business that I hope will help you understand the relevance.  Web links in bold-italic should be considered mandatory.  CLASS READINGS are my notes on the topics.  The micro notes are much more extensive.  These take the place of lectures, and at times go more into detail on some of the topics covered by Keats.  Note for week 1 there are two rows of work.  The second row is about calculus, which is used in the math applications for weeks 2, 3 and 4.  I will not test you on the calculus applications but you will need some simple understanding of calculus later in your MBA studies.

There is a grid after this one that provides practice applications and problems, with answers, so you have even more opportunities to check your understanding.

Additional On-Line Sources (for utility theory): 

J. Gans, Managerial Economic On-Line, Melbourne School of Business (Gans)  Great for Game Theory

D. D. Friedman, Price Theory:  An Intermediate Text (Friedman)

NOTE:  In the Keat book, always read the appendices to the chapters.

Keat on-line Appendix l

Practice applications:  These applications problem sets give you more practice applying the materials from each week.  They are not graded, but will help you learn the material, and help you check your knowledge.