Jimmy Torrez
UNIVERSITY OF PUERTO RICO
FACULTY OF BUSINESS ADMINISTRATION
BUSINESS
ADMINISTRATION GRADUATE SCHOOL
OUTLINE
|
Dr. Jimmy Torrez Telephone 764-0000 x-87106 e-mail: jimmy.torrez@upr.edu Web page: http://jtorrez.uprrp.edu |
I. Title
MANAGERIAL ECONOMICS
II. Course Code
6567 ECOG
III. Number of hours credit
3 credits
IV. Schedule and duration
Three contact hours per week.
V. Prerequisites
None.
VI. Description
Analysis and application of the principles of the
economics. It includes the
integration of the fundamental theories of microeconomics with managerial
applications. Emphasis on the application of these theories
in managerial decision-making in the business context.
VII. Instructional objectives
At the end of the course, the student
will be able:
Hybrid courses: Courses registered as hybrid will meet in person the first week. After that we will meet non-synchronously online for 2 weeks. Afterward online classes will synchronously until December. We will meet in person for the two midterm and the week before the midterms.
1.
Applying
advanced economic theories to business decisions.
2.
Recognize
the effect of perfect competition, oligopoly and monopoly on decision-making at
the company.
3.
Analyze
the implications of the theory of the consumer and the product for strategic
decision-making of these companies.
4.
Use
the criteria of game theory to determine strategic solutions in the business
arena.
5.
Recognize
the fundamental elements of the expected utility theory and its implications in
the decision-making process in a context of uncertainty.
6.
Interpret
and use the information available on different databases for managerial
decision-making.
VIII. Schedule outline
and hours of contact
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Themes for discusion |
Distribution of time |
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|
INTRODUCTION
TO MANAGERIAL ECONOMICS ·
MANAGERIAL
LEADERSHIP AND MARKETS · MANAGERIAL
DECISION-MAKING · PROFIT
MAXIMAZTION |
1.5 Hours |
||
|
Review
Basic concepts · Calculation · Descriptive
statistics · Probability and statistical inference |
4.5 Hours |
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CONSUMER
THEORY · CONSUMER PREFERENCES · UTILITY FUNCTION ·
MARGINAL RATE OF SUBSTITUTION AND
PRINCIPLE OF MARGINALITY ·
CONSUMER’S BUDGET CONSTRAINT ·
UTILITY MAXIMIZATION · CONSUMER
BEHAVIOUR ESTIMATION OF DEMAND FUNCTIONS FOR PRODUCTS AND SERVICES · SIMPLE AND
MULTIPLE REGRESSION ANALYSIS · QUANTITATIVE
ANALYSIS OF MANAGERIAL DECISION-MAKING PROJECTIONS
FOR BUSINESS ENVIRONMENTS · SURVEY
TECHNIQUES · TRENDS AND TIME SERIES · · SALES
PROJECTIONS FOR PRODUCTS AND SERVICES IN THE ENTERPRISES |
10 HOURS |
||
|
THEORY OF
THE FIRM
·
TECHNOLOGY
AND INNOVATION ·
TECHNOLOGICAL
CHANGES · EMPLOYEE PRODUCTIVITY · THE COMPANY'S PERFORMANCE · RESEARCH AND DEVELOPMENT · LEARNING CURVE ANALYSIS OF
COSTS · OPPORTUNITY COSTS
|
9 HOURS |
||
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MARKET
STRUCTURE
DECLINE OF INDUSTRIES OLIGOPOLISTIC
|
9 HOURS |
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GAME THEORY
DECISION
MAKING UNDER UNCERTAINTY
AUCTIONS · TYPES OF
AUCTIONS · AUCTION
MECHANISMS · MAXIMIZATION
OF PROFITS · AUCTION · VALUE OF
INFORMATION RELATIONSHIP
BETWEEN BUSINESS AND GOVERNMENT AND GLOBAL MARKETS |
8 HOURS |
||
|
FINANCING OF
PRODUCTION ACTIVITY |
3 HOURS |
||
IX. Instructional strategies
· Individual practical exercises
· Application
X. Learning resources
· Lecturers
· Investment Room
· Computer laboratories with statistical analysis
applications
· Electronic spreadsheets
· Written work
· The Internet and distance learning platform
XI. Evaluation strategies:
The evaluation of the student work will be conducted
using the following criteria and by hundreds:
1. Examination 85 %
2. Assignments and projects 15 %
If necessary it shall evaluate differentiated for
students with special needs.
Homework will not be accepted by email, you must upload homework assignments to Moodle on time.
Acts of lack of academic integrity by students carry
disciplinary sanctions (certification No. 13 2009-2010 js,
General Student Handbook of the UPR, articles 2.10.6 and 6.2.1).
XII. Strategies of evaluation:
The appraisal will be performed using
different strategies, such as:
· Rubrics
· Assignments
XIII. Grading system
100-90% A
89-80% B
79-70% C
69-50% D
49-0% F
XIV. Law 51 (Ley 51):
The students who receive services from Vocational Rehabilitation (Rehabilitacion Vocacional) must
communicate with the professor at the beginning of the semester to plan a
reasonable arrangement and necessary assisting equipment according to the
recommendations of the Office of Handicapped Persons Affairs (Oficina de Asuntos para las Personas con Impedimento, OAPI) of the Dean of Students. Also, those
students with special needs that require some type of attendance or arrangement
must communicate with the professor.
XV. Text
Allen, w. Bruce, Neil A. Doherty, Keith
Weigelt, and Edwin Mansfield (2012).
"Managerial economics: theory, applications, and cases". Eighth Edition. W. W. Norton
& Company, Inc., New York, NY.
XVI. Bibliography:
Suggested
bibliography:
Allende,
Sira M., Carlos N. Bouza,
Luis C. Martínez, Bikal P.
Singh, "the equation of regression in economic problems setting: minimum
quadratic vs." Minimum mean absolute deviation", Colexio
de Economistas de A Coruña,
Spain and Fundación Una
Galicia modern in its journal Economic Analysis Working Papers (EAWP), Volume 3
(2004, December), pps: 1-21.
Chiang, Alpha C. & Kevin Wainwright
(2005). "Fundamental
Methods of Mathematical Economics". Fourth
Edition. McGraw-Hill/Irwin.
Chong,
Hogun, Mary Zey& David
a. Bessler, "On corporate structure, strategy,
and performance: a study with directed acyclic graphs and computer
algorithm", Managerial and Decision Economics, Volume 31 (2010/1), pps: 47-62.
DellaVigna, Stefano 2009.
"Psychology and Economics: Evidence from the Field." Journal of
Economic Literature, 47 (2): 315-72.
Desyllas,
Cloths & Alan Hughes, "The revealed
preferences of high technology acquirers: An analysis of the innovation
characteristics of their targets ', Cambridge Journal of Economics, Volume 33
(2009, 6 November): pps: 1089-1111.
Drew Fudenberg
& David k. Levine, 2006. "A
Dual-Self Model of Impulse Control," American Economic Review, American
Economic Association, vol. 96 (5), pages 1449-1476, December
Ely, Jeffrey C., and Tanjim Hossain.
2009 "Sniping and Squatting in Auction Markets."
American Economic Journal: Microeconomics, 1 (2): 68-94.
Gale, Douglas M., and Shachar Kariv.
2009-"Trading in Networks: A Normal Form Game Experiment." American
Economic Journal: Microeconomics, 1 (2): 114-32.
Gujarati,
Damodar N. (2003). "Basic
Econometrics". Fourth Edition. McGraw-Hill/Irwin.
Mongin,
Philippe (1997). " Expected Utility Theory "
. Published in Handbook of Economic Methogology (j.
Davis, W. ) Hands and u. editors
Maki), pages 432-350. Edward Elgar. London.
Niederle, Muriel, and Alvin E. Roth.
2009 "Market Culture: How Rules Governing Exploding Offers Affect Market
Performance." American Economic Journal: Microeconomics, 1 (2): 199-219.
Samuelson,
William f. & Stephen g. Marks (2005). "Managerial Economics"
Fifth Edition. Wiley Higher Education.
James H. stock and Mark Watson, (2007).
"Introduction to Econometrics Brief Edition".
Pearson / Addison Wesley.
Varian, Hal r. (2006).
"Intermediate Microeconomics: A Modern Approach". Seventh
Edition. W.W. Norton & Co.
Electronic
references
Database of the Center for Research in Securities Prices (or
CRSP) Wharton Research Data Services (WRDS). Available at
http://wrds.wharton.upenn.edu/
Database and of academic journals
and professional system of libraries of the University of Puerto Rico. Available in http://wwwbib.upr.edu/ and
http://biblioteca.uprrp.edu/
Case No. 03-11 "Understanding Risk and Return, the
CAPM, and the Fama-French Three - Factor Model".
The Tuck School of Business at Dartmouth. Available at
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=481881
Database of the Central of St. Louis of the system of the
Federal Reserve Bank of available in http://research.stlouisfed.org/fred2/ USA
The World Bank database. Available at http://www.worldbank.org/
Database of the European Central
Bank. Available in http://www.ecb.int/
Database of the International
Monetary Fund. Available at http://www.imf.org/
Database of the Department of labor and human
resources of Puerto Rico. Available at http://www.dtrh.gobierno.pr/
Databases of the Bureau of Labor Statistics from available
at http://www.bls.gov/ USA
Bloomberg financial resources
platform. Available the
room of investment, library of the Faculty of administration of companies of
the UPRR-SPM, Osuna building, second floor.
Circular No. 5 of 2009-2010
of the ISU:
This course contributes to the program and
the appraisal of the following goals of the profile of the graduate learning:
The University of Puerto Rico promotes the highest standards
of academic and scientific integrity. Article 6.2 of the UPR General Student Regulations (Certification No.
13, 2009-2010 of the Board of Physicians) states that "academic dishonesty includes, but is not
limited to: fraudulent actions, obtaining academic notes or degrees using false or fraudulent simulations, copying in whole or
in part the academic work of another person, plagiarism in whole or in part of another person's work, copying
in whole or in part another person's answers to the questions of an exam, making or getting another person to take
on his behalf any oral or written test or examination, as well as the assistance or facilitation for another person
to incur the aforementioned conduct". Any of these actions
shall be subject to disciplinary sanctions in accordance with the disciplinary
procedure established in the current UPR General Student Regulations. To ensure
the integrity and security of user data, any hybrid and online course should be offered
through the institutional learning management platform, which uses secure
connection and authentication protocols.
The system authenticates the user's identity using the username and password assigned in their institutional account.
You are responsible for keeping your password secure, protecting, and not sharing your password with
others.
1. Application of quantitative and qualitative
analysis technique
2. Knowledge of technical and conceptual aspects
3. Critical environment analysis
REASONABLE ACCOMMODATION: Under the Individuals with Disabilities Comprehensive Educational Services Act, any student requiring reasonable accommodation must notify the teacher on the first day of class. Students receiving Vocational Rehabilitation services should contact the teacher at the beginning of the semester to plan reasonable accommodation and the necessary assistance team in accordance with the recommendations of the Student Deanship's Office of Disabilities Services (OSEI). Also those students with special needs of some type of attendance or accommodation should contact the teacher. If a student has a documented disability (whether physical, psychological, learning, or otherwise, affecting their academic performance) and would like to request special academic provisions, the student should contact the Office of Student Disabilities Services (OSEI) of the Student Deanship to set up an appointment to start the relevant services.
ACADEMIC INTEGRITY The University of Puerto Rico promotes the highest standards of academic and scientific integrity. Article 6.2 of the UPR General Student Regulations (Certification No. 13, 2009-2010 of the Board of Physicians) states that "academic dishonesty includes, but is not limited to: fraudulent actions, obtaining academic notes or degrees using false or fraudulent simulations, copying in whole or in part the academic work of another person, plagiarism in whole or in part of another person's work, copying in whole or in part another person's answers to the questions of an exam, making or getting another person to take on his behalf any oral or written test or examination, as well as the assistance or facilitation for another person to incur the aforementioned conduct". Any of these actions shall be subject to disciplinary sanctions in accordance with the disciplinary procedure established in the current UPR General Student Regulations. To ensure the integrity and security of user data, any hybrid and online course should be offered through the institutional learning management platform, which uses secure connection and authentication protocols. The system authenticates the user's identity using the username and password assigned in their institutional account. You are responsible for keeping your password secure, protecting, and not sharing your password with others.
SEXUAL HARASSMENT REGULATIONS "The University of Puerto Rico prohibits gender and gender discrimination in all its forms, including sexual harassment. According to the Institutional Policy against Sexual Harassment at the University of Puerto Rico,
Certification No. 130, 2014-2015 of the Governing Board, if a student is being or was affected by behaviors related to sexual harassment, he or she may go to the Office of Student Attorney's Office, the Student Deanship or the Title IX Compliance Coordinator for guidance and/or filing a complaint."
*………This course outline can be changed during the semester with prior notification.* An emergency such as an outbreak may cause us to meet less in person during the semester.
Practice Calculus Exercise pages 3-8
Suggested
Answers 1st Homework