Course:COMM295-FRE295
| Managerial Economics | |
|---|---|
 | |
| FRE 295 | |
| Section: | 101, 103 |
| Instructor: | James Vercammen |
| Email: | james.vercammen@sauder.ubc.ca |
| Office: | HA 264 |
| Office Hours: | Mon, Tues (10-11:30), Wed, Thurs (9:30-11:00) |
| Class Schedule: | MW 1:30-3:00 |
| Classroom: | HA 491 |
| Important Course Pages | |
| Syllabus | |
| Lecture Notes | |
| Assignments | |
| Course Discussion | |
Learning Support
1. UGO Support: Gabriela Delgado email – gabriela.delgado@sauder.ubc.ca
2. Teaching Assistant (TA) Office Hours: The TA office hours schedule is posted on Canvas. Students from any section can go to office hours for any TA. Most TA office hours are held in HA 092.
3. TA email support: Students can send questions to a TA by email but please send email questions only to the email support TA for your section.
Course Description
Managerial Economics covers the economic foundations of managerial decision–making. Topics include supply and demand, empirical methods, organization and objectives of business enterprises, competition and monopoly, pricing with market power, oligopoly, game theory, uncertainty and information, agency relationships, behavioral economics, and market failure.
Course Format
This course is primarily a lecture course although in-class activities such as clicker questions and class discussion are important.
Learning Objectives
By the end of the course, students should be able to apply economic models and economic analysis to a wide range of business problems, including pricing decisions and competitive strategy decisions. Students should also be able to describe, interpret, and analyze economic issues reported in the business media. In carrying out economic analysis, students should be comfortable using diagrams, a variety of statistical and other mathematical techniques, and spreadsheets, in addition to verbal logic.
Learning Materials
Required: Managerial Economics and Strategy, third edition, by Jeffrey Perloff and James Brander, on-line version, published by Pearson. The ISBN is 9780134899701. The on-line version provides access to Pearson's MyLab and the Pearson eText. Estimated cost: $95 if purchased through the UBC bookstore. The UBC Bookstore price is lower than purchasing on-line from a U.S. vendor. For example, http://www.mypearsonstore.com/bookstore/managerial-economics-and-strategy-subscription-9780134899602?xid=PSED sells the text for $69.99 USD without the MyLab access code.
There are hardcopy versions of earlier editions available, but they are not an adequate substitute for the current (3rd edition) online version. No hard copy is necessary, but some students find it helpful to have one. Once you purchase the online version, if you want a hard copy, you can print out pages as needed or you can order an inexpensive loose-leaf version.
Assessment
| Activity | Percent of Grade |
|---|---|
| Weekly on-line homework using MyLab (details about questions forthcoming) | 5% |
| On-line Assignments | |
| #1 Released Tues., Sept. 17, due Tue., Oct. 1 | 5% |
| #2 Released Thur., Nov. 7, due Thur., Nov. 21 | 5% |
| Class participation (mostly iClickers) | 10% |
| Midterm Exam, Thurs., Oct. 24, 6:30 – 8:30 pm. Room TBD | 35% |
| Final Exam | 40% |
| TOTAL: | 100% |
If you have a non-COMM night class on Thursday, October 24th please talk to Prof. Vercammen.
To do the weekly on-line homework (and be eligible for the 5% grade for this component) you will need to register for MyLab using the individual access code that comes with your UBC Bookstore textbook purchase. There are instructions on the course Canvas website and a link that you can use to access MyLab. The course ID is vercammen12401.
Course-Specific Policies and Resources
Canvas and Course Notes
Assignments will be posted on Canvas. Class notes will be posted before each class – typically before 6 pm of the preceding day. Old exams (with answers) and some other materials will also be posted on Canvas.
Academic Concessions for Missed Assignments and Exam Conflicts
Students sometimes seek "academic concessions" if they are unable to complete assignments on time or are unable to do exams at the scheduled time. Other problems may also sometimes justify academic concessions. UBC policy regarding academic concessions is described in Senate Policy V-135[1], including a full listing of valid reasons for academic concessions and explanations of them.
If you have a valid reason for an academic concession we provide an "accommodation". If you provide advance notification, we may be able to allow some flexibility in when your assignment is due or in when you do the exam. However, the most common accommodation for timing problems or missed assignments or midterms is to shift the weight on the missed item to other comparable components of the course. In the case of final exams, we cannot shift the weight to other course components and it is usually necessary for the student to do a deferred or supplemental exam in accordance with UBC policy. We do not normally allow "make-up exams" or "make-up assignments" or "extra work" to substitute for missed exams or assignments.
The most common reasons for academic concessions relate to illness, family emergency, or conflicting obligations, including participation in UBC sports teams and certain other UBC activities. Just contact Prof. Vercammen if you are seeking an academic concession.
Regrading of assignments and exams
As we use online assignments and exams, most grading in this course is automated online grading. However, some of the grading is subjective (done by instructors or teaching assistants using an on-line interface). If you believe there is an error in grading you should start by reviewing the posted answer guide. If you still think there is an error, please use a reasonably detailed e-mail to let Prof. Vercammen know about the problem and request a regrade. The time limit on such requests is 3 business days after the answers are posted.
Clickers
In each class there are clicker questions that contribute to the term mark. For each question 1 point is assigned for participation and 1 point is assigned for obtaining the correct answer. Correct answers are given in class but are not posted. If you miss class for a valid reason, the clicker questions for that day are excluded from the calculation (i.e., both the numerator and denominator go down). A valid reason must be communicated to Prof. Vercammen by the undergraduate office. However, up to twice in the semester you can self-validate by emailing Prof. Vercammen BEFORE class and explain to him the reason for the absence. If you attend class without your clicker (or if it has a dead battery) there will be no adjustment to your clicker grade. Note that each day's clicker scores contribute only a small amount to the overall grade so missing one or two days would be unlikely have much effect on your term grade.
Also, please use only your own clicker. Using an absent friend's clicker so that your friend does not miss clicker marks is cheating and, if detected, is handled in accordance with University policy on academic misconduct.
University Policies and Resources
UBC provides resources to support student learning and to maintain healthy lifestyles but recognizes that sometimes crises arise and so there are additional resources to access including those for survivors of sexual violence. UBC values respect for the person and ideas of all members of the academic community. Harassment and discrimination are not tolerated nor is suppression of academic freedom. UBC provides appropriate accommodation for students with disabilities and for religious observances. UBC values academic honesty and students are expected to acknowledge the ideas generated by others and to uphold the highest academic standards in all of their actions. Details of the policies and how to access support are available on the UBC Senate website at https://senate.ubc.ca/policies-resources-support-student-success.
Course Schedule
This schedule is a plan, not an absolute commitment. It is possible that some topics might be covered slightly later or slightly earlier than the schedule indicates.
| Class | Day | Date | Topic | Reading* |
| 1 | Wed | Sep. 4 | Intro, Supply & Demand, Elasticity | 1.1-1.3, 2.1-2.6, 3.1 |
| 2 | Mon | Sep. 9 | Production and Cost | 5.1,5.2, 5.4, 6.1, 6.2 |
| 3 | Wed | Sep. 11 | Estimation I | 3.2 |
| 4 | Mon | Sep. 16 | Estimation II | 3.3, 3.4 |
| 5 | Wed | Sep. 18 | Business Organizations and Objectives | 7.1-7.3 |
| 6 | Mon | Sep. 23 | Competition, Consumer Surplus | 8.1,8.2 |
| 7 | Wed | Sep. 25 | The Invisible Hand, Monopoly | 8.4, 9.1-9.4, 9.6 |
| 8 | Mon | Sep. 30 | Pricing I | 10.1-10.3 |
| 9 | Wed | Oct. 2 | Pricing II | 10.4, 10.5 |
| 10 | Mon | Oct. 7 | Pricing III | 10.6, 10.7 |
| 11 | Wed | Oct. 9 | Oligopoly I | 11.1, 11.2 |
| Mon | Oct. 14 | THANKSGIVING – No Class | ||
| 12 | Wed | Oct. 16 | Oligopoly II | 11.3, 11.4 |
| 13 | Mon | Oct. 21 | Static Games | 12.1-12.3 |
| 14 | Wed | Oct. 23 | Dynamic Games | 13.1, 13.2 |
| Thurs | Oct. 24 | MIDTERM EXAM 6:30 – 8:30 | ||
| 15 | Mon | Oct. 28 | Entry Deterrence, Hold-Up | 13.3-13.5 |
| 16 | Wed | Oct. 30 | Behavioral Game Theory | 13.6 |
| 17 | Mon | Nov. 4 | Uncertainty I | 14.1, 14.2 |
| 18 | Wed | Nov. 6 | Uncertainty II | 14.3, 14.5 |
| Mon | Nov. 11 | REMEMBRANCE DAY – No Class | ||
| 19 | Wed | Nov. 13 | Information and Adverse Selection | 15.1, 15.2 |
| 20 | Mon | Nov. 18 | Moral Hazard and Agency | 15.3 |
| 21 | Wed | Nov. 20 | Economic Research Example | |
| 22 | Mon | Nov. 25 | Contracts and Monitoring | 15.4, 15.5 |
| 23 | Wed | Nov. 27 | Market Failure, Review | 16.1, 16.4 |
| TBA | TBA | Final Exam (comprehensive) |
*The readings refer to chapter and section numbers in the textbook. It is possible that some subsections within a specified section will not be required. If so, that information will be indicated in the class notes.
- ↑ "Policy V-135" (PDF).