Career Development and Lifestyle Planning



Economics for Decision Making 2 CreditsBU.220.620.XX[NOTE: Each section must have a separate syllabus.][Day & Time / ex: Monday, 6pm-9pm][Start & End Date / ex: 3/24/15-5/12/15][Semester / ex: Fall 2016][Location / ex: Washington, DC]Instructor[Full Name]Contact Information[Phone Number, (###) ###-####][Email Address]Office Hours[Day(s)/Times]Required Texts & Learning MaterialsInstructor’s lecture slides (to be posted on Blackboard; required)Textbook: Robert Pindyck and Daniel Rubinfeld, Microeconomics, 8th Edition, 2012 (required); Study Guide (optional). Please see the “Textbook Purchasing Options” document posted on Blackboard.Additional readings and materials will be posted on Blackboard; the instructor will specify which of these materials will be required.Course DescriptionThis is a microeconomics course with emphasis on the application of economic principles and methodologies to private and managerial decision problems. Major topics include consumer choice and market demand, costs and profit maximization, market structures, output/price decisions, and strategic interactions.Prerequisite(s)510.601 Statistical Analysis or 914.610 Quantitative Methods Learning ObjectivesBy the end of this course, students will be able to: Understand the determinants and characteristics of consumer-level and market-level demand, and of firm-level and market-level supply.Understand the concepts of perfect competition and market equilibrium.Use tools from microeconomics to understand and predict the short-run and long-run effects of demand and supply shocks on the market equilibrium (price, quantity, number of firms operating in the industry, profits, consumer surplus and overall welfare).Adapt managerial strategies to different industry and informational structures, and strategic scenarios.Use tools from microeconomics to understand and predict the effects of government regulations on business and general welfare.Recognize the implications of alternative pricing schemes for firm profits, consumer surplus and overall welfare.To view the complete list of Carey Business School’s general learning goals and objectives, visit the Teaching & Learning@Carey website. Attendance Students are responsible for all topics and concepts specifically covered during the class sessions. Therefore, students should make every effort to attend all scheduled class sessions. You should be aware that failure to attend class might impact your ability to achieve the objectives of the course. When you miss a class session, you are responsible for obtaining class handouts and information given out during your absence. Even if you miss class, you must turn in your assignments on time unless otherwise previously arranged with the instructor. Students are expected to arrive to class on time and stay for the full duration of the lecture. While in class, students should turn off their cell phones and be sure that all computer use is course-related. Assignments & RubricsAssignmentCourse Learning Objective(s)Weight3 Homework Assignments1-67% each2 Quizzes1-615% each1 Final Exam1-649%Total100%Homework AssignmentsStudents will be given three homework assignments. The assignments will be handed out in class in weeks 1, 4, and 6, and they will be due at the beginning of class in weeks 2, 5, and 7, respectively. Students may work in teams on the assignments. There is no minimum team size (i.e., you can work individually if you prefer), but the maximum team size is 5 (five). Each team will submit one answer and each team member will earn the same grade. The names of the team members must be clearly indicated on the front page of the assignment. Individual members of each team are expected to completely understand and agree with the answers submitted. If you fail to submit an assignment by the deadline, you will receive zero points.In-Class QuizzesStudents will be given two in-class quizzes, in weeks 3 and 6. Each quiz will be about 30 minutes long, and it will cover all the material covered in class in the previous weeks. The tests will be a blend of multiple-choice and short answer questions. The format will be closed-book, closed-notes. You may use a handheld calculator (provided by the Instructor). A maximum of one quiz can be missed. If a quiz is missed, its weight (15%) will be put on the final exam. Note: A quiz may not be “missed” once it is taken. In-Class Final ExamThere will be an in-class 3-hour final exam. The exam is cumulative, in that it will cover all topics covered in class in the course. The exam will be a blend of multiple-choice, short-answer questions, and longer problems. The format will be closed book, closed-notes. You may use a hand-held calculator (provided by the Instructor). A make-up exam will be given only in case of valid and documented excuses. See the class schedule below for important dates and deadlines.The rubric below explains how the homework assignments, quizzes, and final exam will be assessed.AssessmentCriteriaNot Good Enough(0≤ score <6)Good(6≤ score <9)Very Good(9≤ score ≤10)ScoreKnowledge of thetheoretical conceptsMisunderstands some of the theoretical conceptsMisrepresents the theoretical constructsSome of the concepts or frameworks necessary for the specific application are not mentionedDemonstrates understanding of the theoryCorrectly explains the theoretical constructs/frameworks used in the analysisMentions all the necessary theoretical tools for the specific applicationExcellent understanding of theoretical concepts and frameworksProvides excellent representation of the theory and additional explanationsMakes use of all the necessary concepts for the specific application40Application of theory to specific context/situationUses theoretical tools that do not fit the specific application/situationAnalysis is sometimes incoherent and/or does not follow a logical flow(if quantitative) Errors in computation or set-up of the quantitative partIdentifies the correct theoretical tools, concepts and frameworks to be used in the applicationProvides coherent and logical analysis of the application through the lens of the theory(if quantitative) The quantitative part is executed correctly, there are no errors of computationIdentifies the correct theoretical tools, concepts and frameworks to be used in the application, but provides additional concepts that could be useful in analysisProvides an outstanding analysis of the application using theory, examples and thorough explanations(if quantitative) The quantitative part is perfectly executed40Quality of explanation and discussion The discussion and explanation are not very clearDoes not use proper logic and terminology is inappropriate or incorrectSteps followed to reach the conclusion are not clearly indicatedThe logic of the discussion and explanation is clear Appropriate terminology; clear writingThe discussion and explanation are logical and provides all the necessary information to the reader Uses proper terminology and writing is excellent20Total Score100GradingThe grade of A is reserved for those who demonstrate extraordinarily excellent performance. The grade of A- is awarded only for excellent performance. The grade for good performance in this course is a B+/B. The grades of D+, D, and D- are not awarded at the graduate level. Please refer to the Carey Business School’s Student Handbook for grade appeal information. Tentative Course Calendar**The instructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.The table below describes what content will be covered each week, what students should be reading, and whether any assignments are due or tests scheduled on each week. More details about the topics covered are reported below.WeekDateContentReadingsDue10. Preliminaries 1. Individual and Market DemandHomework 1 handed outFor content 0: Lecture Slides 0; Ch. 1.For content 1: Lecture Slides 1; Ch. 2, Ch. 4, Ch. 8.21. Individual and Market Demand (cont’d)For content 1: Lecture Slides 1; Ch. 2, Ch. 4, Ch. 8.Homework 1 Due32. Costs and Profit MaximizationFor content 2: Lecture Slides 2; Ch. 7, Ch. 8, Ch. 9.In-Class Quiz 142. Costs and Profit Maximization (cont’d)3. Competitive Supply and Market AnalysisHomework 2 handed outFor content 2: Lecture Slides 2; Ch. 7, Ch. 8, Ch. 9For content 3: Lecture Slides 3; Ch. 2, Ch. 8, Ch. 9, Ch. 18.53. Competitive Supply and Market Analysis (cont’d)4. Strategy and Game TheoryFor content 3: Lecture Slides 3; Ch. 2, Ch. 8, Ch. 9, Ch. 18.For content 4: Lecture Slides 4; Ch. 12, Ch. 13.Homework 2 Due64. Strategy and Game Theory (cont’d)Homework 3 handed outFor content 4: Lecture Slides 4; Ch. 12, Ch. 13.In-Class Quiz 275. Pricing with Market PowerHW3 due in classFor content 5: Lecture Slides 5; Ch. 11.Homework 3 Due8Final ExamList of Course Topics (tentative)1. Individual and Market Demand-Decision making on the margin-Consumer surplus -Demand determinants-Elasticity (calculation and determinants, own-price, cross-price, income elasticity)-Demand estimation-Revenue maximization2. Costs and Profit Maximization-Cost concepts (opportunity cost, sunk cost; total cost, fixed cost, variable cost, average cost, marginal cost)-Relationship between cost curves-Profit maximization for a firm facing a downward sloping demand curve-Difference between short-run (operating horizon) and long-run (investment/planning horizon)-Economies of scale; economies of scope3. Competitive Supply and Market Analysis-Perfect competition-Firm's demand under perfect competition-Profit maximization of price takers-Short-run and long-run supply curves-Market equilibrium in the short run and the long run; market dynamics-Efficiency of competitive markets-Tax incidence analysis-Externalities and price controls4. Strategy and Game Theory-Basics of Game Theory-Nash equilibrium (NE)-Simultaneous games and sequential games-Prisoner’s dilemma-Coordination games-Cournot duopoly; Stackelberg duopoly; Bertrand duopoly-Repeated interactions-Prisoner’s dilemma with repeated interactions-Commitment, credible threats and promises-Collusion5. Pricing with Market Power-First Degree Price Discrimination-Second Degree Price Discrimination (block pricing, two-part tariffs)-Third Degree Price Discrimination (market segmentation)-Bundling and TyingCarey Business School Policies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Support for Blackboard is available at 1-866-669-6138.Course EvaluationAs a research and learning community, the Carey Business School is committed to continuous improvement. The faculty strongly encourages students to provide complete and honest feedback for this course. Please take this activity seriously; we depend on your feedback to help us improve. Information on how to complete the evaluation will be provided toward the end of the course.Disability ServicesJohns Hopkins University and the Carey Business School are committed to making all academic programs, support services, and facilities accessible. To determine eligibility for accommodations, please contact the Disability Services Office at time of admission and allow at least four weeks prior to the beginning of the first class meeting. Students should contact Priscilla Mint in the Disability Services Office by phone at 410-234-9243, by fax at 443-529-1552, or by email. Honor Code/Code of ConductAll students are expected to view the Carey Business School Honor Code/Code of Conduct tutorial and submit their pledge online.?Students who fail to complete and submit the pledge will have a registrar’s hold on their account. Please contact the student services office via email if you have any questions.Students are not allowed to use any electronic devices during in-class tests. Calculators will be provided if the instructor requires them for test taking. Students must seek permission from the instructor to leave the classroom during an in-class test. Test scripts must not be removed from the classroom during the test.Other Important Academic Policies and ServicesStudents are strongly encouraged to consult the Carey Business School’s Student Handbook and Academic Catalog and Student Resources for information regarding the following items:Statement of Diversity and InclusionStudent Success CenterInclement Weather PolicyCopyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Honor Code. ................
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