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File: Calculus Pdf 130604 | D3186d37 76d9 46b9 8d39 07cb6339bf53
indiana university purdue university fort wayne department of economics microeconomic analysis and decision making course number bufw e540 instructor myeong hwan kim ph d credit hours 3 office neff hall ...

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                                 INDIANA UNIVERSITY-PURDUE UNIVERSITY FORT WAYNE 
                                                                 DEPARTMENT OF ECONOMICS 
                                                                                           
                                                 Microeconomic Analysis and Decision-Making 
                            
                           Course Number : BUFW E540                                      Instructor           : Myeong Hwan Kim, Ph.D. 
                           Credit Hours         : 3                                       Office               : Neff Hall, 340F 
                           Class Meeting  : Friday (6:00 pm-10:00 pm)                     Telephone            : 1.260.481.6466 
                           Location : KT 227   E-Mail  : kimm@ipfw.edu 
                           Office Hours         : By Appointment 
                            
                            
                           1.   Course Objectives                                                     
                                The objective of the course is to provide an                   2.    Required Readings 
                                understanding of how fundamental                                     Textbook: 
                                economic theory can be applied to decision                               Christopher R. Thomas and S. Charles 
                                making within the firm. The main topics                                   Maurice, Managerial Economics, 11th 
                                covered will be the analysis of market                                    Edition (Publisher: McGraw-Hill Irwin, 
                                demand, optimal use of resources, and                                     ISBN-13: 9780078021718) 
                                pricing decisions. An introductory course in                          
                                microeconomics is a prerequisite. You                                 
                                should be comfortable with employing basic                     * These policies will be strictly enforced. 
                                algebra and elementary calculus.                                     If you do not follow these guidelines, your 
                                                                                                     instructor will penalize you for it. 
                                By the end of the course, students will                               
                                develop skills to:                                                    
                                    Explain the role of economic theory in                    3.    Evaluation of Work/Grading Policy 
                                     managerial economics.                                           Grade will be based upon completion of the 
                                    Describe the characteristics of various                         following: first examination, second 
                                     market structures such as perfect                               examination, final examination and projects. 
                                     competition and monopoly.                                       The final course grade will be based on the 
                                    Know the difference between economic                            following: 
                                     and accounting profit.                                           
                                    Understand and graphically illustrate                                Exam #1              : 20% 
                                     the way market forces determine prices                               Exam #2              : 20% 
                                     and production in competitive markets.                               Exam #3              : 20% 
                                    Learn the fundamental principles of                                  Final Exam           : 20% 
                                     optimization theory for finding the                                  Projects             : 20% 
                                     optimal level of business activities.                             
                                    Predict how revenue will be affected by                              90-100               : A 
                                     a change in the price of a product by                                80-89                : B 
                                     using the concept of price elasticity.                               70-79                : C 
                                    Determine the optimal level of inputs                                60-69                : D 
                                     and the cost of production in two                                    59 and below         : F 
                                     different decision–making time frames:                           
                                     short run and long run.                                         Tests (Quizzes and Exams) 
                                    Analyze how managers make pricing                               The tests will not be easy, and will surely 
                                     and output decisions in competitive                             require extensive study. Quizzes will be 
                                     markets and monopoly.                                           given during the semester (if there are) - 
                                    Understand how techniques of price–                             their purpose is to keep you up to date in 
                                     discrimination and multi–product                                your studying. If you are not present for a 
                                     pricing can increase profit.                                    quiz or a scheduled examination, you will 
                                                                                                     not be excused unless you submit an 
                                                                                                     approved third-party official document. The 
                                                                                         1
                           date for the midterm exams will be given in             of extreme circumstances (Not coming to 
                           class. It is impossible to make two                     class, or forgetting, doesn’t rate as an 
                           examinations which are comparable in                    extreme circumstance.). 
                           coverage and difficulty but essentially                  
                           different. For this reason, requests to take            No “Extra Credit” Work 
                           special examinations (early or late) will be            Students sometimes ask for some extra 
                           granted only in exceptional circumstances               credit work near the end (or middle) of the 
                           that are beyond the control of a student (e.g.,         semester in an attempt to bring up poor 
                           serious illness, university business, a death           grades. No extra credit work will be given to 
                           in the family). I expect you to contact me the          any student on an individual basis. Again, 
                           day of the examination or before the                    there is no extra credit offered at any time 
                           examination if you must miss an exam or                 during the semester (please don’t ask). 
                           quiz for any reason. The make-up exam is                 
                           expected to be taken upon your return to                Grades via E-mail 
                           class, no exceptions. If a student fails to take        Because of the large number of students in 
                           an exam and no arrangements were made, a                each class, instructor will not be able to 
                           score of zero will be recorded. Each student            reply to individual e-mail requests for exam 
                           will be allowed to make-up only one test                and/or class grades at the end (or middle) of 
                           (midterm, final exam or quiz) during the                the semester. 
                           semester, regardless of the reason for                   
                           absence.                                                Contesting a Grade 
                                                                                   If you wish to contest your grade on any 
                           Third-Party Official Document Policy                    work you complete for this class, please do 
                           The following policy applies to all excused             so within one week after the assignment is 
                           absent:                                                 returned. To contest your grade, contact me 
                              After the missed class period,                      to schedule an appointment within one week 
                               documentation is required for an                    of receipt of the grade. At the conference, 
                               excused absence.                                    bring the assignment (if it was returned to 
                              The document should contain your                    you) and any other documentation that may 
                               name and date (or period) of absence.               support your case. If you do not hang on to 
                              It is the student’s responsibility to               old tests, then the grades I have recorded 
                               request excuse and document absence.                will stand and you will have nothing to 
                              Student need to present third-party                 argue your case. Appeals will not be heard 
                               official documents which show that                  unless you have scheduled an appointment 
                               there was a compelling reason (e.g., a              with me within the one-week time frame 
                               medical emergency, a doctor’s note, a               following receipt of the grade. 
                               death in the family, jury duty, call up              
                               for military service, police report) for             
                               your absence.                                   4.  Expectations 
                              I do not accept nor acknowledge e-mail              The student has read the material before 
                               notification.                                       coming to class. The class session should 
                              The official documents need to be                   not serve as the student’s first encounter 
                               provided within a reasonable period of              with the material. The class session is a time 
                               time (NO documents will be accepted                 to clarify and analyze the material. The 
                               after one week) and/or before the final             instructor will assume that the student has an 
                               examination if the date of absence is the           adequate grasp of algebra which is crucial to 
                               last week of the semester.                          an understanding of the economic models to 
                              The submission of falsified documents               be used. Many economics courses, 
                               will be grounds to expel the student                familiarity with graphical analysis is a must. 
                               from the class.                                     That the student will actively participate in 
                                                                                   class discussions in the form of questions, 
                           Late & E-mailed Assignments                             answers and comments is strongly 
                           Late and/or e-mailed assignments will not be            encouraged, and will count towards the 
                           accepted unless prior arrangements have                 student’s final grade. I also hope that each of 
                           been made with the Instructor and because               you will contribute significantly to our class 
                                                                                   discussions and group work. Be prepared to 
                                                                          2
                                ask questions, raise concerns and                                    considered to be inappropriate in this 
                                demonstrate your thinking skills.                                    classroom include refusing to stay seated 
                                                                                                     during class, sleeping, eating, coming in late, 
                                                                                                     companions, interrupting others, talking, 
                           5.   Attendance Policy                                                    inappropriate behavior during group work, 
                                Students take responsibility for their                               verbal behavior that is disrespectful of other 
                                learning. It is expected that students attend                        students or the instructor, or others that may 
                                all scheduled classes during the time                                be disruptive. Students who exhibit such 
                                indicated in the Schedule of Classes for your                        behavior will be given a verbal warning by 
                                section. I also expect you to arrive on time                         the class instructor, then will be given a 
                                and stay for the entire class period. If you                         written warning in a meeting with the chair 
                                must leave class early, please let me know in                        of the Department/Division, and then will be 
                                advance, and then to sit as near the door as                         subject to disciplinary procedures. 
                                possible and leave quietly. Please remember                           
                                that late arrivals and early departures distract                     Academic Dishonesty 
                                other students (not to mention your                                  Any form of academic dishonesty is 
                                instructor), and hinder your progress in the                         prohibited. Students are expected to 
                                course. If you are not in class at the                               maintain the highest standards of honesty in 
                                scheduled time for your section of the class,                        their college work. Cheating, forgery and 
                                it is difficult for the instructor to provide you                    plagiarism are serious offenses, and students 
                                with timely feedback and other information                           found guilty of any form of academic 
                                about your work. If you miss a class, you are                        dishonesty are subject to disciplinary action. 
                                still responsible for all material covered and                       Incidences of violation of academic integrity 
                                any assignments given. Instructor will                               will result in a grade of F for the course, 
                                answer specific questions but instructor will                        dismissal of the student from the course and 
                                not re-teach any lesson. It is your                                  may lead to additional actions. Students are 
                                responsibility to do the readings and come                           expected to be familiar with and adhere to 
                                prepared to listen to the lecture.                                   the university policies with regard to 
                                                                                                     academic dishonesty. These policies can be 
                                                                                                     found on 
                           6.   Institutional Policies and Procedures                                http://www.ipfw.edu/academics/regulations/
                                In all respects, the policies of the                                 honesty.shtml. 
                                Department, School, IPFW and the                                      
                                University shall be applied in this course.                          Cell Phone & Computer 
                                                                                                     Cell phone is NOT allowed in the classroom. 
                                ADA Policy                                                           A cell phone violation will cause your cell 
                                Students with documented physical, learning,                         phone to be detained until you leave the 
                                psychological and other disabilities are                             classroom. Your cell phone needs to be out 
                                entitled to receive reasonable                                       of sight and turned off. Other than note 
                                accommodations. If you need classroom or                             taking, no activities such as surfing the 
                                testing accommodations, please contact the                           Internet, playing computer games, typing a 
                                Office of Services for Students with                                 paper, etc. is allowed in the classroom. You 
                                Disabilities (Walb Union, Room 113, 481-                             should disconnect the wireless network from 
                                6657). The SSD will provide forms                                    your computer. Any violation will cause 
                                verifying the need for accommodation. As                             your attendance credit to be 0 for that day 
                                soon as the instructor receives the form, you                        and you will be asked to leave the classroom. 
                                will be provided with the appropriate                                 
                                accommodations. Students are encouraged                               
                                to request accommodations as close to the                      7.    Course Outlines (Tentative: The instructor 
                                beginning of the semester as possible.                               reserves the right to modify the syllabus 
                                                                                                     during the course of the term.) 
                                Disruptive Behavior                                                   
                                Students who exhibit behaviors which are                             Part I: Some Preliminaries 
                                considered to obstruct or disrupt the class or                       1.   Managers, Profits, and Markets 
                                its learning activities will be considered                                a.   The Economic Way of Thinking 
                                Disruptive Behavior. Behaviors which are                                       About Business Strategy 
                                                                                         3
                                     b.    Measuring and Maximizing                                       f.   Other Demand Elasticities 
                                           Economic Profit                                                 
                                     c.    Separation of Ownership and                               7.   Demand Estimation and Forecasting 
                                           Control                                                        a.   Direct Methods of Demand 
                                     d.    Market Structure and Managerial                                     Estimation 
                                           Decision Making                                                b.   Specification of the Empirical 
                                                                                                               Demand Function 
                                2.   Demand, Supply and Market                                            c.   Estimating Demand for a Price-
                                     Equilibrium                                                               Setting Firm 
                                     a.    Demand                                                         d.   Time-Series Forecasts of Sales and 
                                     b.    Supply                                                              Price 
                                     c.    Market Equilibrium                                             e.   Seasonal (or Cyclical) Variation 
                                     d.    Measuring the Value of Market                                  f.   Some Final Warnings 
                                           Exchange                                                        
                                     e.    Changes in Market Equilibrium                             Midterm #2 
                                     f.    Ceiling and Floor Prices                                        
                                                                                                     Part III: Production and Cost Analysis 
                                3.   Marginal Analysis for Optimal                                         
                                     Decisions                                                       8.   Production and Cost in the Short Run 
                                     a.    Concepts and Terminology                                       a.   Some General Concepts in 
                                     b.    Unconstrained Maximization                                          Production and Cost 
                                     c.    Constrained Optimization                                       b.   Production in the Short Run 
                                                                                                          c.   Short-Run Costs of Production 
                                4.   Basic Estimation Techniques                                          d.   Relations Between Short-Run 
                                     a.    The Simple Linear Regression                                        Costs and Production 
                                           Model                                                           
                                     b.    Fitting a Regression Line                                 9.   Production and Cost in the Long Run 
                                     c.    Testing for Statistical Significance                           a.   Production isoquants 
                                     d.    Evaluation of the Regression                                   b.   Isocost Curves 
                                           Equation                                                       c.   Finding the Optimal Combination 
                                     e.    Multiple Regression                                                 of Inputs 
                                     f.    Nonlinear Regression Analysis                                  d.   Optimization and Cost 
                                                                                                          e.   Long-Run Costs 
                                Midterm #1                                                                f.   Forces Affecting Long-Run Costs 
                                                                                                          g.   Relations Between Short-Run and 
                                Part II: Demand Analysis                                                       Long-Run Costs 
                                                                                                           
                                5.   Theory of Consumer Behavior                                     10.  Production and Cost Estimation 
                                     a.    Basic Assumptions of Consumer                                  a.   Specification of the Short-Run 
                                           Theory                                                              Production Function 
                                     b.    Indifference Curves                                            b.   Estimation of a Short-Run 
                                     c.    The Consumer’s Budget Constraint                                    Production Function 
                                     d.    Utility Maximization                                           c.   Short-Run Cost Estimation: Some 
                                     e.    Individual Demand and Market                                        Problems with Measuring Cost 
                                           Demand Curves                                                  d.   Estimation of a Short-Run Cost 
                                     f.    Corner Solutions                                                    Function 
                                                                                                           
                                6.   Elasticity and Demand                                           Midterm #3 
                                     a.    The Price Elasticity of Demand                                  
                                     b.    Price Elasticity and Total Revenue                        Part IV: Profit-Maximization in Various 
                                     c.    Factors Affecting Price Elasticity                        Market Structures 
                                           of Demand                                                       
                                     d.    Calculating Price Elasticity of                           11.  Managerial Decisions in Competitive 
                                           Demand                                                         Markets 
                                     e.    Marginal Revenue, Demand, and                                  a.   Characteristics of Perfect 
                                           Price Elasticity                                                    Competition 
                                                                                         4
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...Indiana university purdue fort wayne department of economics microeconomic analysis and decision making course number bufw e instructor myeong hwan kim ph d credit hours office neff hall f class meeting friday pm telephone location kt mail kimm ipfw edu by appointment objectives the objective is to provide an required readings understanding how fundamental textbook economic theory can be applied christopher r thomas s charles within firm main topics maurice managerial th covered will market edition publisher mcgraw hill irwin demand optimal use resources isbn pricing decisions introductory in microeconomics a prerequisite you should comfortable with employing basic these policies strictly enforced algebra elementary calculus if do not follow guidelines your penalize for it end students develop skills explain role evaluation work grading policy grade based upon completion describe characteristics various following first examination second structures such as perfect final projects compet...

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