2012 Fall Term
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Introduction to descriptive statistics and basic statistical methods as applied to scientific problem solving and decision making. Topics covered include: Descriptive statistics, elementary probability theory, theoretical distributions, sampling distributions, estimation, tests of hypothesis, simple linear regression and correlation analysis, and index numbers.
A study of micro and macro economic tools of analysis. The functioning of a market economy in product and factor markets under alternative market structures. National income, fiscal policy, and the role of the money supply.
BUSINESS CONDITIONS ANALYSIS
A study of the macroeconomic structure and operations of the economic system. Analysis of fluctuations in national income, output, employment, prices and exchange rates and the implication of such changes for business decisions. Evaluation of the influence of monetary policy, fiscal policies, and other macroeconomic events on economic activity. Assessment of the various approaches and methodologies available for forecasting business conditions.
Applications of microeconomic theory to problems of formulating managerial decisions. Emphasis on economics as a science that facilitates decision making. Topics considered include optimization techniques, risk analysis and estimation of demand and costs of production, market structures and pricing practice, and antitrust economics. Integrates theory and practice.