Course Description

This course covers the tools of microeconomics useful in the analysis of producer and consumer behavior. The economics of demand, production and cost, and pricing and output decisions in a market system form the core of an approach adapted to the challenges faced by managers in the private, public, and nonprofit sectors of the economy. The coverage is from the domestic, as well as global perspectives.

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Rationale

This course presents a framework grounded in the fundamentals of economic theory that provides a powerful way of analyzing business problems and developing effective solutions. The course supports the published Liberty University Philosophy and Mission Aims.

Measurable Learning Outcomes

Upon successful completion of this course, the student will be able to:

1. Relate biblical principles to managerial economics. (PLO 1 emphasized)
2. Understand the nature and scope of managerial economics in a global economy. (PLO 2 emphasized)
3. Analyze, estimate, and forecast demand for products. (PLO 2 emphasized)
4. Comprehend the relationship between production and cost. (PLO 2 emphasized)
5. Apply different pricing practices in various market structures. (PLO 3 emphasized)
6. Perform risk analysis and make long-term investment decisions for a company. (PLO 3 emphasized)

Course Assignment

Textbook readings and PowerPoint

Course Requirements Checklist

After reading the Course Syllabus and Student Expectations, the student will complete the related checklist found in the Course Overview.

Discussions (6)

Discussions are collaborative learning experiences. Therefore, the student will be presented with questions in Discussions. The student is required to answer the questions in each Discussion with at least 1 citation in the current APA format. Each Discussion thread must be at least 300 words. The student must also reply to 1 classmate’s thread and the reply must be at least 150 words.

Homework Assignments (7)

The student will be required to answer a set of questions taken from the end-of-chapter questions and problems.

Research or Interview Paper Assignment

The student is required to write a double-spaced paper (not counting the current APA formatted title and reference pages; the abstract is not needed) that is at least 7 and at most 9 pages. The student may either interview a company executive or manager to answer 5 questions the student has about a topic in managerial economics or write a research paper on a managerial economics topic with a minimum of 3 references.

Quizzes for Individual Chapters (11)

After reading each chapter, the student will take the quiz from LearnSmart with unlimited tries.

Quizzes for a Group of Chapters (3)

Each quiz will cover the Learn material for the modules in which it is assigned. Each quiz will be open-book/open-notes, contain 30 multiple-choice questions, and have a 2-hour time limit. The student will have one opportunity to complete each quiz.