Course Syllabus for Business Economics MECO
6303 SOM 2.106
Professor Contact Information
Professor Stan Liebowitz;
Office: SM 3.801; Telephone: 972-883-2807
email: liebowit@utdallas.edu;
homepage: www.utdallas.edu/~liebowit/
;
Office Hours: R 3pm or by appointment
Course Pre-requisites
Calculus can be
helpful but plays only a very minor role in the material. I do not
assume that you have prior knowledge of economics although most students have
had prior courses.
Course Description
This is
basically a course in microeconomic analysis. That means that it focuses on
individual markets, not on the national economy as a whole. Nevertheless,
because of the importance of the current financial crisis, and the fact that
the macro economy is made up of the constituent micro components, we will
discuss current events related to the macro economy.
An older and
somewhat different version of this course was taught as an online course
through the UT Telecampus. There are powerpoint slides for the lectures with
audio that is matched to the slides. If you miss a class, or want to double
check on what happened (e.g., foreign students who want to replay the lecture)
you can download the slides.
Student Learning Objectives/Outcomes
Understand how
markets work and be able to apply this knowledge to make better business
decisions.
Required Textbooks and Materials
Main Text: Business Economics; MECO 6303 Landsburg/Mankiw. UTD Edition, 2008.
Notes for the course, old exams, and so forth
can be found on my home page.
Assignments & Academic Calendar
Approximate schedule:
Weeks 1-2 (January 15, 22): Chapter 19 and
pages 258-59, Chapter 1. Topics: Assumptions, Opportunity Cost, Scarcity,
Economic Goods, Production Possibility curves, Demand and Supply, equilibrium,
Elasticiticity. Illustrations: When Should a firm raise its price? Elasticity
for firm and industry.
Weeks 3-4 (Jan 29, Feb 5): Chapters 8.1,
8.2, 8.3 Topics: the meaning of price and value, Economic
Efficiency, consumer and producer surplus; maximizing behavior of firms.
Illustrations: Diamond-water paradox, costs of theft, and Comparable Worth; who
pays for a tax?, impact of price controls.. Illustrations: Labor unions; farm
price supports
Week 5-6 (Feb 12, 19): Chapters 3.1, 8.4,
9 Topics: indifference curves, gains from trade, the role of information
Week 7 (Feb 26): Midterm,
Week 8-9 (March 5, 12). Chapters 5, 6
Topic: Production, Costs, equimarginal
principal, Competition and Monopoly. Illustrations: Impact of Sunk costs on
firm behavior; Long run and short run effects of price changes.
Week 10-13 (March 26, Apr 2, April 9,
April 16): Chapter 7, 10 Topics: Competition and Monopoly. Illustrations: when should a firm shut down?; rent seeking
behavior; taxi cab medallions, selling the broadcast spectrum. Price searching,
Price Discrimination, natural monopoly regulation, patents,. Illustrations:
Discount coupons, and airline pricing,
journals pricing.
Week
14-15 (April 23, 30): Chapter 23, 25
topics: The financial system. Illustrations: market for loanable funds,
deficits and surpluses, exchange rates
Week
(May 7): Final Exam
Grading Policy
Grades will be based on a midterm and a
final exam. The midterm counts for 40%, the final for 60%. Students who
participate particularly well in class can earn up to a 10% bonus. The final
covers the entire term's material.
Course & Instructor Policies
No
Extra credit, no after-the-fact make-ups, no special assignments. Flexibility
on due dates is possible if you have a good reason. Class attendance is
optional. If you aren’t interested in the material do not need to show up. If
you do show up please do not spend you time on the Internet. If you are seem to
be more involved with your computer than with the class I will ask to you close
your computer or to leave.
University Policies that
our accrediting agency wants put on the syllabus
Student Conduct &
Discipline
The
The
A student at the university neither loses the
rights nor escapes the responsibilities of citizenship. He or she is expected to obey federal, state,
and local laws as well as the Regents’ Rules, university regulations, and
administrative rules. Students are
subject to discipline for violating the standards of conduct whether such
conduct takes place on or off campus, or whether civil or criminal penalties
are also imposed for such conduct.
Academic Integrity
The faculty expects from its students a high
level of responsibility and academic honesty.
Because the value of an academic degree depends upon the absolute
integrity of the work done by the student for that degree, it is imperative
that a student demonstrate a high standard of individual honor in his or her
scholastic work.
Scholastic dishonesty includes, but is not
limited to, statements, acts or omissions related to applications for
enrollment or the award of a degree, and/or the submission as one’s own work or
material that is not one’s own. As a
general rule, scholastic dishonesty involves one of the following acts: cheating, plagiarism, collusion and/or
falsifying academic records. Students
suspected of academic dishonesty are subject to disciplinary proceedings.
Plagiarism, especially from the web, from
portions of papers for other classes, and from any other source is unacceptable
and will be dealt with under the university’s policy on plagiarism (see general
catalog for details). This course will
use the resources of turnitin.com, which searches the web for possible
plagiarism and is over 90% effective.
Email Use
The
Withdrawal from Class
The administration of this institution has set
deadlines for withdrawal of any college-level courses. These dates and times
are published in that semester's course catalog. Administration procedures must
be followed. It is the student's responsibility to handle withdrawal
requirements from any class. In other words, I cannot drop or withdraw any
student. You must do the proper paperwork to ensure that you will not receive a
final grade of "F" in a course if you choose not to attend the class
once you are enrolled.
Student Grievance
Procedures
Procedures for student grievances are found in
Title V, Rules on Student Services and Activities, of the university’s Handbook
of Operating Procedures.
In attempting to resolve any student grievance
regarding grades, evaluations, or other fulfillments of academic
responsibility, it is the obligation of the student first to make a serious
effort to resolve the matter with the instructor, supervisor, administrator, or
committee with whom the grievance originates (hereafter called “the
respondent”). Individual faculty members
retain primary responsibility for assigning grades and evaluations. If the matter cannot be resolved at that
level, the grievance must be submitted in writing to the respondent with a copy
of the respondent’s School Dean. If the
matter is not resolved by the written response provided by the respondent, the
student may submit a written appeal to the School Dean. If the grievance is not resolved by the
School Dean’s decision, the student may make a written appeal to the Dean of
Graduate or Undergraduate Education, and the deal will appoint and convene an
Academic Appeals Panel. The decision of
the Academic Appeals Panel is final. The
results of the academic appeals process will be distributed to all involved
parties.
Copies of these rules and regulations are
available to students in the Office of the Dean of Students, where staff
members are available to assist students in interpreting the rules and
regulations.
Incomplete
Grade Policy
As per university policy, incomplete grades will
be granted only for work unavoidably missed at the semester’s end and only if
70% of the course work has been completed.
An incomplete grade must be resolved within eight (8) weeks from the
first day of the subsequent long semester.
If the required work to complete the course and to remove the incomplete
grade is not submitted by the specified deadline, the incomplete grade is
changed automatically to a grade of F.
Disability
Services
The goal of Disability Services is to provide
students with disabilities educational opportunities equal to those of their
non-disabled peers. Disability Services
is located in room 1.610 in the Student Union.
Office hours are Monday and Thursday, 8:30 a.m. to 6:30 p.m.; Tuesday
and Wednesday, 8:30 a.m. to 7:30 p.m.; and Friday, 8:30 a.m. to 5:30 p.m.
The contact information for the Office of
Disability Services is:
The
(972) 883-2098 (voice or TTY)
Essentially, the law requires that colleges and
universities make those reasonable adjustments necessary to eliminate
discrimination on the basis of disability.
For example, it may be necessary to remove classroom prohibitions
against tape recorders or animals (in the case of dog guides) for students who
are blind. Occasionally an assignment
requirement may be substituted (for example, a research paper versus an oral
presentation for a student who is hearing impaired). Classes enrolled students with mobility
impairments may have to be rescheduled in accessible facilities. The college or university may need to provide
special services such as registration, note-taking, or mobility assistance.
It is the student’s responsibility to notify his
or her professors of the need for such an accommodation. Disability Services provides students with
letters to present to faculty members to verify that the student has a
disability and needs accommodations.
Individuals requiring special accommodation should contact the professor
after class or during office hours.
Religious
Holy Days
The
The student is encouraged to notify the
instructor or activity sponsor as soon as possible regarding the absence,
preferably in advance of the assignment.
The student, so excused, will be allowed to take the exam or complete
the assignment within a reasonable time after the absence: a period equal to
the length of the absence, up to a maximum of one week. A student who notifies
the instructor and completes any missed exam or assignment may not be penalized
for the absence. A student who fails to complete the exam or assignment within
the prescribed period may receive a failing grade for that exam or assignment.
If a student or an instructor disagrees about
the nature of the absence [i.e., for the purpose of observing a religious holy
day] or if there is similar disagreement about whether the student has been
given a reasonable time to complete any missed assignments or examinations,
either the student or the instructor may request a ruling from the chief
executive officer of the institution, or his or her designee. The chief
executive officer or designee must take into account the legislative intent of
TEC 51.911(b), and the student and instructor will abide by the decision of the
chief executive officer or designee.
These descriptions and timelines are subject to change at the
discretion of the Professor.