The University of Texas at Dallas

The University of Texas at Dallas

Global Leadership Executive MBA Program

Business Economics: MECO 6303

Section: MIM
Spring 2008: January 7 – February 17, 2008
Professor Contact Information | Course Pre-requisites, Co-requisites, and/or Other Restrictions | Course Description | Course Content and Materials |
Schedule of Assignments | Week 1 | Week 2 | Week 3 | Week 4 | Week 5 | Week 6 |
Grading Policy and Evaluation | Discussion Forum Participation | Retreats | Course Outline Summary | UTD Policy

Professor Contact Information

Peter Lewin, Ph.D. Carolyn Reichert, Ph.D.

Course Instructor Course Manager
Phone: (972) Phone: (972) 883.2726 (W) (972)
883.2729 image001 867.7088 (H)
Fax: (972) 883.6164 Fax: (972) 883.6164
Email: plewin@utdallas. Email: carolyn@utdallas.edu
edu Office Location: SM 1.506
Office location. SM 3.223

Course Pre-requisites, Co-requisites, and/or Other Restrictions Back to Top

Math 5304 or equivalent

Course Description

Economics is about the ordinary business of life and it is also the basis for many courses in Business. It also contains much of the conceptual material
necessary for an intelligent understanding of business life. The approach in this course to the teaching of economic principles is to try to ensure that students
acquire the necessary conceptual apparatus in a way that is both challenging and interesting. This is done by attempting to ensure that the material is
presented in a lively, interesting and relevant fashion. We will constantly use current real world examples to illustrate the application of concepts.

Student Learning Objectives/Outcomes

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♦ Understand and be able to apply the concepts of supply and demand, equilibrium, and the factors that shift supply and demand to analyze
the behavior of real markets when conditions change.
♦ Analyze the impacts of restricting markets from reaching the competitive equilibrium through price controls, taxes, and subsidies.
♦ Understand the difference between monopoly markets and competitive markets.
♦ Understand the nature of production in the modern economy. Be able to identify the profit maximizing price and the relationship between
different types of cost.

In addition, I would like students to take away from this course at least the following:

I. An appreciation of the power of economic reasoning for understanding current events

II. A facility for analyzing everyday economic problems using basic economic analysis
III. An understanding of the concepts of
o supply and demand
o costs and benefits
o and their multiple applications
IV. An appreciation of the role of
o money in the economy
o the dangers of inflation
o the importance of free trade
o the limits of regulation
o the effects of taxes and subsidies of different types
o the workings of the market system is determining earnings (interest, profits, wages, salaries and rents)
o the modern business firm, its function and its boundaries
o the achievements of the American economic system

Course Content and Materials: Back to Top

Text: Economics, 4th ed., Walter Wessels, Barron’s Educational Series, 2006 + supplementary readings

Schedule of Assignments
________________________________________________________________

Week 1: Introduction to Economics

Dates: January 7 – January 13

Topic: Assumptions and Implications – Productions Possibility Curves

Two parts: A and B. Discussion at the retreat

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Readings: Chapters 1 and 2

Retreat Topic: Introduction to Economics

Date: January 11
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Week 2: Demand and Supply Back to Top
Economic Policies

Dates: January 14 – January 20

Topic: Demand and Supply: Movements along curves versus shifts of curves; Elasticities of demand and supply; Engel
curves Market Equilibrium. Three parts: A, B and C.

Economic Policies: Price controls; Taxes and subsidies; Minimum wages; Rent controls; Consumer and producer surplus. Two parts: A and
B.

Readings: Chapters 3, 4, 17, 30,

Supplementary Reading: More on Consumer and Producer Surplus

Stossel on Price Gouging

Discussion Forum: Discussion on topics related to the course material for week 2
Comments posted to the Discussion Forum by January 20

Exam Date: Test 1, Saturday, January 19 – Monday January 21

Covers the material from Weeks 1 and 2
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Week 3: Consumer Theory Back to Top

Dates: January 21 – January 27

Topic: The isolated consumer; The consumer in the market.

Two parts: A and B.

Readings: Chapter 18

Supplementary Reading: More on Indifference Curves

Discussion Forum: Discussion on topics related to the course material for week 3
Comments posted to the Discussion Forum by January 27
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Week 4: Producer Theory Back to Top

Dates: January 28 – February 3
Topics: Monopoly; Competition; Production; Revenue and Costs. Four parts: A, B, C and D.

Readings: Chapters 19, 20, 22

Supplementary Reading: Monopoly in Mexico - the real thing

Discussion Forum: Discussion on topics related to the course material for week 4
Comments posted to the Discussion Forum by February 3

Exam Date: Test 2, Saturday, February 2 – Monday February 4

Covers the material from Weeks 3 and 4
________________________________________________________________

Week 5: Production and Growth Back to Top

Dates: February 4 – February 10

Topics: Growth accounting; Cost of living; Price Indexes. Three parts: A, B and C.

Readings: Chapters 6, 26, 27

Supplementary Reading: More on Production Functions

Types of Foreign Aid

Discussion Forum: Discussion on topics related to the course material for week 5
Comments posted to the Discussion Forum by February 10
________________________________________________________________

Week 6: The Financial System Back to Top

Dates: February 11 – February 17

Topics: Saving; Investment and Financial Markets. Two parts: A and B.

Readings: Chapters 7, 8, 9, 12, 13, 16, 28 and 31

Exam Date: Test 3, Friday, February 15 – Sunday February 17

½ is comprehensive
½ covers the material from Weeks 5 and 6

Course Evaluations: Due Monday, February 18

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Grading Policy and Evaluation Back to Top

[1]
Evaluation - Grading Formula
• Test 1 25%
• Test 2 25%
• Test 3 50%
• Maximum Participation Bonus 5%

Individually Written Examinations

There are three exams for this course. Anyone missing an exam will automatically receive a grade of zero for that test. Exceptions for documented medical
or family reasons may be permitted. Where possible, either the course manager or I should be contacted prior to the time of the exam. At my discretion,
either a make-up exam will be scheduled or a reallocation of the weight to remaining examinations will be made. Exams will be based on the assigned
reading material and class lectures.

The timed examinations are located on Blackboard. You can take the exam at any time during the three day interval. Once you begin, you have a set time to
complete the exam. You can only take the examination once. Examinations are to be done individually. Evaluation is based on the correctness of the
response.

Discussion Forum Participation Back to Top

There will be 4 online discussions on topics related to the course material designed to stimulate thought and enhance understanding. Participation is strongly
encouraged and good posts will be rewarded a bonus of up to 5%.

• Excellent contribution --- Insightful; key points and ideas set tone of other contributions.
• Good contributions --- Used key points and issues to add value to the overall discussion thread.
• Acceptable contribution --- Contribution was on topic; built on other’s ideas.

Retreats: Attendance at the retreat is a course requirement. Missing the retreat may be grade affecting at the discretion of the instructor. Back to Top

Course Evaluation
The completion of a course evaluation is a course requirement. Students need to complete a course evaluation form which is an electronic document whose
link is located on Blackboard (Bb) in the course area under the Information button. Students who do not submit a course evaluation by the due date will
receive an incomplete grade for the course.

Course Outline Summary

Week Dates Lesson # Topic Reading

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1 Jan. 7 – Jan. 13 1 Introduction to Economics - assumptions and implications- Chapters 1-2

2 Jan. 14 – Jan. 20
Jan 19. – Jan. 21
3 Jan. 21 – Jan. 27
4 Jan. 28 – Feb. 3
Feb. 2 – Feb. 4
5 Feb. 4 – Feb. 10
6 Feb. 11 – Feb. 17
Feb. 15 – Feb. 17
productions possibility curves
(two parts: part A and part B) Discussion at the Retreat.
2&3 Demand and Supply - movements along curves vs. shifts of Chapters 3, 4, 17, 30
curves. Elasticities of demand and supply; Engel curves; Market Supplementary Reading:
Equilibrium.
(Three parts: part A, part B and part C) More on Consumer and Producer Surplus
Economic Policies - Price controls, taxes and subsidies. Minimum Stossel on Price Gouging
wages, rent controls, consumer and producer surplus.
(two parts: part A and part B)
Test 1 (Covering lessons 1 – 3)
4 Consumer Theory - Chapter 18
The isolated consumer, the consumer in the market (two parts: part A Supplementary Reading:
and part B) More on Indifference Curves
5 Producer Theory - Chapters 19, 20 , 22
Monopoly, competition, production, revenue and costs Supplementary Reading:
(four parts: parts A - D)
Monopoly in Mexico - the real thing
Test 2 (Covering lessons 4 and 5)
6 Production and Growth – Chapters 6, 26, 27
Growth accounting, the cost of living – price indexes Supplementary Reading:
(three parts: part A, B and C)
More on Production Functions
Types of Foreign Aid
7 The Financial System – Chapters 7, 8, 9, 12, 13, 16, 28, 31
Saving, investment and financial markets (two parts: part A and part B)
Test 3 (½ comprehensive and ½ covering lessons 6 – 7)

UTD Policy on Cheating: Back to Top

Students in this class will be held to the standards established by Regents’ Rules and Regulations (Part One, Chapter VI, Section 3, Subsection 3.2, Subdivision
3.22) which states: Candidates are expected to be above reproach in scholastic activities. Candidates who engage in scholastic dishonesty are subject to
disciplinary penalties, including the possibility of failure in the course and dismissal from the University. “Scholastic dishonesty includes, but is not limited to
cheating, plagiarism, collusion, the submission for credit of any work or materials that are attributable in whole or in part to another person, taking an
examination for another person, any act designed to give unfair advantage to a student or the attempt to commit such acts.” Professors randomly use
“Turnitin.com” to screen papers against other published works on the web to insure against plagiarism.

[1]
I do not use the traditional grading cutoffs. I use ones that are more generous, based on the class performance.

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