Graduate
Introduction to Economics, MBA 680-20
Room
O16, Rike
12:15-
3:55 MWF
Instrouctor:
John P. Blair,
http://www.wright.edu/~john.blair/index.html
Office: 260 B Rike Hall
775
3070
Text: Paul G. Farnham,
Economics for Managers, Pearson, , New Jersey, 2005
II. Course Objectives
and Description
The purpose of this course is to
provide you with 1) an introduction to economics, 2) the economic way of
thinking, and 3) a foundation for success in business, and subsequent studies.
III. Grading
The Grade will be based on the
average of 3 multiple choice exams and class participation, 25%, 25%,
30% and 20% respectively. The grading scale is:
A = 90-100%
B = 80-89%
C =70-79%
D = 60-69%
F = < 60%
Various
participation opportunities will be provided in class such as
1.
Critical journal reflections
2.
In-class problems
3.
Chapter debriefs
4.
Current linkages
I realize that we may have some communications problems, but we’ll work through those. Speak-up! I value your opinions.
Schedule
of Events:
I. Introduction
– Feb. 2 Farnham Ch. 1
introduction
rational man and utility maximization*
normative vs. positive approaches*
the incentive problem*
problems, questions, and discussion
II. Supply
and Demand Analysis – Feb. 4 Farnham Ch. 2
the demand curve
demand shifters
supply
market price and the search for equilibrium
problems, questions, and discussion
III. Demand
Elasticity and Measurement Techniques – Feb. 6 Farnham, Ch.
3
price elasticity of demand
elasticity and total revenue
characteristics of elastic and inelastic products
deriving the demand curve
problems, questions, and discussion
IV. Big
Ideas – Feb. 9
Exam
I – 30%
Adam
Smith
Karl
Marx
John
Maynard Keynes
Joseph
Schumpeter
John
Kenneth Galbraith
discussion
V. Production
Costs – Feb 11 Farnham Ch. 5, 6,
7
relationship between production
function and costs
the production function
nature of costs
V. Production Costs—Feb 11 con’t
long run costs
= 
problems, questions, and discussion
VI. Competition,
Rivalry and Pricing – Feb 13 Farnham Ch. 8, 9,
10
the monopoly model
sources and limits of market power
oligopoly
the prisoner’s dilemma model and implication
price discrimination models
problems, questions, and discussion
VII. The
Macro Economy Fable – Feb. 16 Farnham Ch. 11, 12
Exam
2 – 30%
the circular flow model
GDP
inflation
unemployment
Y
= C + I + G + X – M
the Keynesian multiplier
problems, questions, and discussion
VIII. Money
and Growth – Feb. 18 Farnham Ch.
13
the definition of money
the role of the banking system
the equation of exchange
aggregate supply and demand
the production possibility curve
economic growth
discussion and questions
IX. The
International Perspective –Feb 20
the principle of comparative advantage and critics
determinants of the exchange rate
review, questions, catch-up
Exam
3 – 40%