...Professor Owen R. Phillips University of Wyoming Ross Hall 124 COURSE SYLLABUS FOR INTERMEDIATE MICROECONOMICS 4020 Course Description and Prerequisites Economics is broadly defined as a way of thinking about problems of allocation. This course entails the use of intermediate microeconomic theory in the analysis of problems facing decision-makers, not only in business, but also in government and other nonprofit organizations. Intermediate microeconomic theory can be described as the theory of choice. It has application to all decision problems. Specific theoretic tools are developed and applied to real world settings in order to illustrate optimal decision guidelines. The prerequisites for this course are a beginning economics class in microeconomics and a basic understanding of algebra and geometry. Required Textbook Required: Pindyck, Robert S. and Rubinfeld, Daniel L., Microeconomics, Third Edition, Prentice-Hall, 1995, ISBN 0-02-395900-2. Determining Your Grade During the course there are two “midterm” examinations. At the end of the course there is a comprehensive final examination; in the final exam there is some emphasis on the material following the second examination. All of the exams consist of multiple choice questions. Questions will be of a problem-solving nature much like those assigned in the homework. The homework questions are excellent preparation for the examinations. Answers to many of these questions are worked in the...
Words: 3518 - Pages: 15
...Unit 1 - Individual Project - Introduction to Macroeconomic Theory Click Link Below To Buy: http://hwcampus.com/shop/unit-1-individual-project-introduction-macroeconomic-theory/ Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices...
Words: 4383 - Pages: 18
...Unit 1 - Individual Project - Introduction to Macroeconomic Theory Click Link Below To Buy: http://hwcampus.com/shop/unit-1-individual-project-introduction-macroeconomic-theory/ Assignment Details Assignment Description Weekly tasks or assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. In economics, they say a picture is worth a thousand words. Below, you will find two scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts. Scenario One Supply and demand are foundational concepts in understanding economic theory. Whether you are a coffee drinker or not, you have been tasked to examine the impact of supply and demand when dealing with the coffee retail industry. A few companies probably come to mind. Pick a major coffee retailer, and then contemplate what has been happening to both the supply and demand for this product. Next, analyze the following scenario that deals with what happened in the coffee industry at the beginning of the last decade: In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices...
Words: 4383 - Pages: 18
...Jing Wen ( 夏京文) Academic position Professor [ ] Associate Professor [√ ] Lecturer[ ] Others[ ] Printed and issued by the Academic Affairs Department Date__4/8/2009__ (dd/mm/yy) Instructions 1. Print in Times New Roman, font size 12. If necessary, the space for each item may be enlarged or reduced in exactly the same format. 2. One form is required for each lesson（excluding the cover）. 3. “Course type” refers to Compulsory, Specialized or Optional; “Student Classification” refers to Mainland student or Non-Mainland student. Note: Common Optional courses are applicable to all majors. 4. “Department” refers to the College, Department or the Teaching and Research Section that offers the course. 5. “Form of Lesson” refers to lecture, discussion, experiment, social practice, internship etc. 6. “Contents of Lesson” should be a brief but concrete description of the contents, together with details of Chapter, Section, Topic titles etc. International Marketing Lesson Plan Subject（Chapter/ Topic）：CREATING CUSTOMER RELATIONSHIPS ANDVALUE THROUGH MARKETING | Form of lesson | Theory Course | | Time of lesson | Date:2009/9/9 | | | Week: 1st Wednesday Period7~9 | Contents of lesson（Including basic contents, key points...
Words: 5319 - Pages: 22
...Continuous Assessment Tests (CATs) being sat for on the sixth and tenth weeks of the course duration. The CATs shall comprise 30% of the final marks-20 through Class quizzes and 10 through reading assignments. The method of delivery shall mainly be through the Lecture method. Reading assignments questions shall be given on a fortnightly basis. At the end of the course, the student is expected to: i. Define and appreciate the rationale of opportunity cost as used in economics. ii. Appreciate the rationale of economics in his/her chosen field of study. iii. Understand the importance of price as a tool of resource allocation in a free market system. COURSE OUTLINE Week 1 Lesson 1-3 Topic Introduction Sub-topics Remarks Definition, branches of economics, economic methodology, Central Economic Problem, Production Possibility Frontiers, Elements of Economic Activities Definitions of a market Definition of price The principles of demand and supply Elasticity of demand Factors affecting elasticity of demand Elasticity of supply Price determination 2 3 4 5 6 4-18 Price Theory 7 8 19-22 CAT 1 Theory of the Firm Cost and Profit Costs in the short-run and long-run Total average and marginal product. Stages of Production Production function Isoquant Economies of Scale. Cardinal utility theory Ordinal...
Words: 519 - Pages: 3
...AMITY SCHOOL OF DISTANCE LEARNING, ASoDL Consumer Behaviour ADL – 45 Assignment – A Five Analytical Questions Marks – 10 1. a) What is the interrelationship between the consumer behaviour discipline and the marketing concept? b) How can the study of consumer behaviour assist marketers in segmenting markets and positioning products? 2. Contrast the major characteristics of the following personality theories: a) Freudian theory, b) Jungian theory, c) Neo-Freudian theory, and d) Trait theory. In your answer, illustrate how each theory is applied to the understanding of consumer’s behaviour. 3. a) Discuss the differences between the absolute threshold and the differential threshold. b) What is consumer reality? 4. How is perceptual mapping used in consumer research? Why marketers are sometimes forced to reposition their product or services? Illustrate your answer with examples. 5. Distinguish between beliefs, values, and customs. Illustrate how the clothing a person wears at different times or for different occasions is influenced by customs. Assignment – B Three Analytical Questions Marks – 10 1 A marketer of health foods is attempting to segment its market on the basis of consumer self image. Describe the four types of consumer self-image and discuss which one(s) would be most effective for the stated purpose. 2 Which theory of learning (i.e., classical conditioning instrumental conditioning or cognitive learning)...
Words: 1925 - Pages: 8
...ECONOMICS FOR MANAGERS T3.2013 Assignment Due date: Nature: Assignment Overview: Monday, January 13, 2014. Individual assignment. This assignment is partly based on the attached article published in The Australian on April 26, 2012 entitled “Poor bear brunt of ‘nanny taxes’” by Adam Creighton and a paper written by Sam Oldfield on August 7, 2013, “Cigarette Tax Hike Defies Economic Logic.” Please read the articles carefully before attempting the questions. You will be required to demonstrate your understanding of economic concepts taught in the unit and relate them to the cases in the articles. This assignment is designed to encourage you to think about the applications of economic concepts learned in this unit to real world scenarios. Based on the attached Rubric, your assignment will be graded on your use of appropriate economic theory and concepts, clarity of exposition and overall quality of your answers. Your answers should follow “Guide to assignment writing and referencing”, available at this link: http://www.deakin.edu.au/currentstudents/assets/resources/study-support/study-skills/assignref.pdf. Answer all questions. Limit the total word count of your assignment to less than 3,000 words. Depth is encouraged over breadth: that is, it is more important that you demonstrate you understand a concept fully, rather than talk about 3 related concepts only cursorily. You are encouraged to use diagrams/examples in your answers when appropriate. 40 marks. Allocation as indicated...
Words: 3505 - Pages: 15
...ASSIGNMENT COVER SHEET Personal Details: | Name (Matrix No.): | 1) LAVANNYA MOORTHY – 032165 | | 2) KHOR LI XIN – 032538 | | 3) TAN SION CHUAN CHI – 032499 | | 4) MUHHAMAD NOOR AL-MAARIF B, ANUAR SAIDY – 032282 | | 5) KANG CHENG CHEONG – 032649 | | 6) NOORHAYATI MOHAMAD - 033128 | Class Code: | Bachelor of Accountancy (Semester 7) | Course Details: | Course Name: | INTERNATIONAL BUSINESS | Course Code: | MTS 4013 | Lecturer's Name: | DR.MAZURI BINTI ABD GHANI | Assignment Details: Assignment 1 2 3 | | | Due Date: | 22ND NOVEMBER 2015 | Date Submitted: | 22ND NOVEMBER 2015 | PLEASE NOTE | All assignments are the responsibility of the student.Ensure you keep a copy of your assignment before submitting. | Declaration: | I declare that, to the best of my knowledge and belief, this assignment is my own work, all sources have been properly acknowledged, and the assignment contains no plagiarism. This assignment or any part thereof has not previously been submitted for assessment at this or any other University.Signature: (Representative) ……….………………………….. (Lavannya Moorthy)Date: 22ND NOVEMBER 2015 | | Table of Contents CASE STUDY 01: IKEA – THE GLOBAL RETAILER 3 Question 1: How the globalization of market benefited IKEA? 3 Question 2: How has the globalization of product benefited IKEA? 3 Question 3: What does the IKEA story teach you about the limits of treating the entire world...
Words: 2336 - Pages: 10
...NATIONAL OPEN UNIVERSITY OF NIGERIA COURSE CODE : BHM 303 COURSE TITLE: MANAGERIAL ECONOMICS 1 MANAGERIAL ECONOMICS (THE COURSE GUIDE) THE NEED Managerial Economics as a course required for effective resource management was put in place due to the following developments in the global business environment: (a) Growing complexity of business decision-making processes. (b) Increasing need for the use of economic logic, concept, theories, and tools of economic analysis in the process of decision-making. (c) Rapid increases in the demand for professionally trained managerial manpower. These developments have made it necessary that every manager aspiring for good leadership and achievement of organizational objectives be equipped with relevant economic principles and applications. Unfortunately, a gap has been observed in this respect among today’s managers. It is therefore the aim of this course to bridge such gap. THE COURSE OBJECTIVES On completion of the requirements of this course, students and managers alike will be expected to: 1. Understand the relative importance of Managerial Economics; 2. Know how the application of the principles of managerial economics can aid in the achievement of business objectives; 3. Understand the modern managerial decision rules and optimization techniques; 4. Be equipped with tools necessary in the analysis of consumer behaviours, as well as in forecasting product demand; 5. Be equipped with the tools for analyzing production and costs;...
Words: 40300 - Pages: 162
...Faculty of Business, Economics & Accounting Department of Business Studies HELP Bachelor of Business (Hons) Year 1 HELP Bachelor of Management (Hons) Year 1 HELP Bachelor of Business Psychology (Hons) Year 1 INTERNAL SUBJECT DETAILS Semester 3, 2015 Subject: MKT 101 Principles of Marketing Subject Lecturer/Tutor: Ms Liew Huey Min Telephone: 03-2716 2000 Fax: 03-2095 7100 Email: liewhm@help.edu.my Consultation: By appointment PRE-REQUISITE(S) No pre-requisite is required. SYNOPSIS MKT101 has been designed to provide students with an introduction to the field of marketing. The subject focuses on the relationship between organisations and the consumer, expressed through the marketing mix. Essentially, studies are concentrated on the nature and behaviour of supplying organisations, nature and behaviour of the consumer and the various marketing mix elements (product, price, place, promotion) which are used by organisations to satisfy needs and wants of consumers. While the subject has a theoretical base, practical application of the marketing concepts to 'real world' situations via a specific project is an essential part of the subject. LEARNING OBJECTIVES Upon completion of this subject, students should be able to: Provide an understanding and appreciation of the areas of marketing principles including its theories, concepts and importance for businesses; Demonstrate knowledge of the broad range of marketing skills necessary...
Words: 5070 - Pages: 21
...questions about the economy that might spark any one’s curiosity. Why are apartments so hard to find in Mumbai City? Why do airlines charge less for a round-trip ticket? Why executive class airfare is costlier than economic class? Why are jobs easy to find in some years and hard to find in others? Why a package tour costs less as compared to individual booking of air ticket and hotel? Moreover, as one go about his/her life, he/she make many economic decisions. During student carrier one has to decide how many years to stay in school. After joining in a job, one has to decide how much of his/her income to spend, how much to save, and how to invest his/her savings. When running a small business or a large corporation, and one will decide what prices to charge for his/her products. The economic tools, which will be discussed in this course, will give you a new perspective on how best to make these decisions. Following ten economic principles can be applied in many of life’s situations, whether the future finds you reading the newspaper, running a business, or sitting in the work place. These economic principles are (i) managers...
Words: 2173 - Pages: 9
...Written Assignment 4 1. Savings equals domestic investment plus capital outflow; so when I save a dollar of income, that dollar can be used for finance in domestic capital or capital abroad. 2. Purchasing power parity (PPP) can be described as the ability to buy a product anywhere in the world for the same price. According to the law of one price, a good must have equal monetary value anywhere in the world. Without this theory opportunistic individuals would use to opportunity to profit through exploitation, which would be arbitrage. For example, if DVDs cost $20 in Portland, Oregon and $10 in Philly, what would stop me from buying the DVDs locally and shipping them to Oregon? I would make a great profit. There are two factors that would prevent PPP from being true. The first is that many goods are not easily traded, such as a lawn mowing business. The other is that substitutes are not always perfect when manufactured in different countries, such as automobiles made in the US and Japan, because of the value consumers place on the products. 3. The market for loanable funds and the foreign money exchange are both central to macroeconomics of open economies. First, the real interest rate adjusts to equilibrium between the supply and demand for loanable funds. The supply of loanable funds comes from national savings, and the demand comes from domestic investments and net capital outflow. Second, the balance between the supply and demand of dollars happens when...
Words: 1126 - Pages: 5
... Table of Contents 1. Part 1: Minimum Wage law in Hong Kong 2 2. Introduction 2 3. Minimum Wage – Economic Theory 2 4. Introduction in Hong Kong – May 2010 3 5. Impacts – 15 months later 5 5.1. Employment 5 5.2. Firms profitability 6 5.3. Inflation 7 6. Economic cycle considerations 9 7. Part 2: Housing issues in Hong Kong 9 8. Introduction 9 9. Housing situation in Hong Kong 9 10. Housing Demand in Hong Kong 11 11. Housing supply in Hong Kong 14 12. The Current Government Policies 15 12.1. Policy 1: 15 12.2. Policy 2 16 12.3. Policy 3 16 13. Conclusion 17 14. Bibliography 18 Part 1: Minimum Wage law in Hong Kong Introduction The Hong Kong Government introduced of a Minimum Wage in Hong Kong in May 2011, in response to increased incomes disparity in the territory. It uses economic theory to predict certain impacts such as level of employment, profits of firms, inflation effect and potential positive effects on the economy in general. Minimum Wage – Economic Theory Economic theory tells us that when artificial price floors are introduced in the market, they force prices to remain above the level that balances supply and demand. The same is true with minimum wage; it raises the quantity of labor supplied and reduces the quantity of labor demanded, it creates a surplus of labor that translates into unemployment (see figure 1). [pic] Figure 1: Price floor created by minimum wage ...
Words: 3925 - Pages: 16
...Economics 2A Assignment 1 “Consumers are statistics. Customers are people.” Stanley Marcus (1905 –2002) In order to explain HOW economic theory determines the choices of the consumer, we need to know WHAT the theory states. We use the terms baskets or bundles for groups of items, consumer preferences to tell us how the consumer ranks those baskets according to his tastes and we do that by: 1. Assuming the preferences to be complete, and that the consumer can distinguish which basket he prefers, or whether they are indifferent to him. 2. When a customer enjoys basket A better than B, and B better than C we assume that the preferences are transitive and accept that for him A > C. 3. Finally we assume that the customer will always be glad to have more of a product than to have less, and more will raise the utility. John will be my example to explain the theory. His budget is £100. He likes two products: wine and cheese. The price per item is £5 for cheese, and £20 for wine. The budget line represents the maximum amount of either John can buy. To get the line we divide the budget by the price of the item, in order to get the maximum quantity of each bundle and then connect the points on the graph: Quantity of wine Quantity of wine 20 20 5 5 The slope of the line is ∆W/∆C = - (Pw/Pc) The slope of the line is ∆W/∆C = - (Pw/Pc) Quantity of cheese Quantity of cheese We can represent someone’s preferences with a function that we call utility function...
Words: 809 - Pages: 4
...E-Tutorial #1 January 17th 2014 Managerial Economics: The Economics of Strategy Guide notes from Patrick McNutt www.patrickmcnutt.com __________________________________________________________________________ Materials: Besanko’s book and Coloured-coded Storybook and McNutt’s Decoding Strategy Where should I be today in my studies? 1. 2. 3. 4. 5. Visited Blackboard and watch the video….. Yes/No Participate in the Blackboard discussions….. Yes/No Reading Unit 1 in Colour—coded Storybook…. Yes/No Cursory read of Chapter 1 in Besanko pp41 ..Yes/No Chapter 1 and 2 in McNutt… Yes/No Key points to note..discussion in the E-Tutorial Point 1..first time introduced to economics? 1. Early focus on the economics of management models in order to understand management behaviour as observed. Baumol model is about revenue maximisation, so we look at prices and revenues; elasticity of demand. Check Chapter 3 p48 in McNutt and pp20-27 Besanko. 2. We introduce a game theory approach in the materials. Management have a type: for example, a Baumol type signals price. Also price is related to consumer demand. 3. We talk about the player – the decision maker. So could be senior management team of a pricing manager. Point 2..first time introduced to game theory? When we ascribe a management type, then we imply that management are in a game, so we refer to the market-as-a-game. Question: how would a Baumol type play the game? In other words, what is their strategy? Answer [to be tested by observations]...
Words: 440 - Pages: 2
