Integrating our Simulation into Managerial Economics
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The use of our simulation in Managerial Economics is similar to Principles of Economics but the level of the game assignments and exercises are more advanced. At your "option", you can select simulation game assignments & simulation exercises that fit your time frame and curriculum level. The game assignments ask students to take information from the games and evaluate the demand and cost relationships embodied in the games, using either statistical techniques, like regression analysis, or other non-statistical methods. The results of the student analysis can then be applied to making more effective decisions in the games. All the data from the simulation games can be exported to "Excel", making data collection unnecessary, and graphical techniques such as trend-line analysis or regression easily accessible.
The major difference between simulation games and exercises are that for simulation games students compete individually or in teams using tools of economics, making decisions to maximize profits whereas for simulation exercises students observe what is happening in pre-set games and answer a series of multiple choice questions or problems to learn a specific topic such as demand, equilibrium, price elasticity, production, costs and more. Both are automatically graded.
Links below contain example course outlines on how the game is integrated:
For above options, you can select games of different levels:
- 2 to 4 decisions (price, advertising, production & plant size); stable macroeconomy; no random events.
- 5 to 8 decisions (price, advertising, production, plant size, product development, e-commerce, training & process improvements); changing macroeconomy; random events.