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Quantitative Methods for Economics Katherine Sauer, Ph.D. ECO 2150 AD 530-Q 303-556-3037 Spring 2012 ksauer5@mscd.

edu ____________________________________________________________________________________ This course studies the quantitative methods that are commonly used to develop, understand, and apply economic analysis. The course combines economic theory with quantitative tools to give students a deeper understanding of economic modeling. ____________________________________________________________________________________ Course Learning Objective: At the end of this course, the successful student will be able to demonstrate both mathematical and statistical techniques and apply them in the economic context. Mathematical Technique Economic Application

interpret and manipulate equations & graph and solve systems of equations

- demand, supply, cost, revenue equations - elasticity of demand, supply, income - budget and cost constraints - equilibrium analysis - taxes and subsidies - profits, losses, breaking even

differentiate various types of functions

- marginal functions - maximizing profit functions - minimizing cost functions - diminishing returns

integrate various types of functions

- consumer and producer surplus - welfare analysis


generate summary statistics and measures of dispersion Statistical Techniques for Working with a Sample of Economic Data estimate population parameters calculate confidence intervals test hypotheses

Course Learning Activities

Assignments 10%

Exam 1:

Mathematics 3/14 25%

Exam 2:

Statistics 5/2


Cumulative Final Exam given according to the Official Final Exam Schedule 40%

Please bring a scientific calculator to each class. It doesnt have to be a graphing calculator, but it does need to be able to deal with exponents. (You can expect to work problems during class often at the board.) Assignments To be successful in mastering mathematical and statistical concepts, you will need to practice, practice, practice. It is normal to make mistakes while learning this material. There will be many problems to work on - assigned both in class and as homework. In this type of course, assignments are best suited to make sure you are keeping up with the material and to show you what concepts you are having difficulty with. Its not about the points per problem it is about learning how to do the problems successfully. Exams Exams consist of multiple choice questions and some longer problems. Make up exams are not given. If you miss either Exam 1 or Exam 2 for ANY REASON, then the final exam will be weighted more heavily to compensate. The final exam is cumulative. Because I like to reward improvement, if you score higher on the final exam than on your midterm exam average, I can count your final exam grade more heavily.

Course Resources Textbook This course uses two textbooks, both by Teresa Bradley: Essential Mathematics for Economics and Business 3rd edition ISBN:978-0-470-01856-9 Essential Statistics for Economics, Business and Management ISBN:978-0-470-85079-4 You should be able to obtain used copies of both for a reasonable price.

Office Hours are a resource to assist you outside of our class time. You do not need an appointment to see me during office hours please just stop by. You may make an appointment in advance to see me during other days. Please note my schedule for this spring. Spring 2012 Schedule Mondays
9:30-10:45am Citizens Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics 3:30 5:00pm Open Office Hours KC203 AD530Q MC5-5A AD135 AD530Q

9:30-10:45am Citizens Guide to Economics 11-12:15pm Open Office Hours 12:30-1:45pm Quantitative Methods 2-3:15pm Principles of Macroeconomics KC203 AD530Q MC5-5A AD135


10:30am 11:30am Open Office Hours AD530Q

My office is located in the (old) Administration building in room 530-Q.

Source: Google Maps

Course Policies Economics Major This course counts toward the economics major requirement. You must pass this course with a C or better. ___________________________________________________________________________________ Prerequisites Satisfaction of both: - a grade of C or better in MTH 1310 or MTH 1110 or MTH1400 - either ECO 2010 or ECO2020 ___________________________________________________________________________________ Course Grading Scale 89.5% and up A 79.5% to 89.4% B 69.5% to 79.4% C 59.5% to 69.4% D 59.4% and below F ____________________________________________________________________________________ Missed Assignments and Exams Assignments: Late homework is accepted at a penalty. Exams: If you miss an exam, the final exam will be weighted more heavily to compensate. ____________________________________________________________________________________ Email Please use your @mscd email address when emailing me. If you do not, you run the risk of my email filter program deciding that your message is spam. Please do not use the email feature in BlackBoard/Web CT to email me. In the past, messages sent through that system had frequently gotten lost. Write directly to me at . Please try to use proper sentences and punctuation when writing to me. I am old and cant always figure out what your short-hand abbreviations are trying to say ___________________________________________________________________________________ Religious Holidays The college policy of observing all religious holidays will be abided by in this class. A prior indication of any religious-related absence is appreciated. ____________________________________________________________________________________ No Credit (NC) Grades During the first 10 weeks of class, you may opt for NC through MetroConnect online. You do not need a signature from me. After the 10th week, I do not have authorization to grant you a NC. The Spring NC deadline is Monday April 2nd. ____________________________________________________________________________________ Student Code of Conduct Metropolitan State College of Denver has a Student Conduct Code and every student is expected to be familiar with it particularly regarding the policy on cheating, plagiarism, and other forms of academic dishonesty. Available online:

Disability Accommodations The Metropolitan State College of Denver is committed to making reasonable accommodations to assist individuals with disabilities in reaching their academic potential. If you have a disability which may impact your performance, attendance, or grades in this class and are requesting accommodations, then you must first register with the Access Center, located in the Auraria Library, Suite 116, 303-556-8387. The Access Center is the designated department responsible for coordinating accommodations and services for students with disabilities. Accommodations will not be granted prior to my receipt of your faculty notification letter from the Access Center. Please note that accommodations are never provided retroactively (i.e., prior to the receipt of your faculty notification letter.) Once I am in receipt of your official Access Center faculty notification letter, I would be happy to meet with you to discuss your accommodations. All discussions will remain confidential. Further information is available by visiting the Access center website ____________________________________________________________________________________ Academic Calendar / Important MSCD Dates Last day to drop with 100% tuition refund: Monday Jan. 23rd Last day to drop with 50% tuition refund and course deleted from transcript: Wednesday Feb. 1st No classes, Spring Break: March 19th 23rd Last day to drop with NC grade: Monday April 2nd Final exam week: May 7th 11th Grades available online: Friday May 18th ____________________________________________________________________________________ Course Schedule (subject to revision as necessary) m denotes a chapter from the math text
Week beginning: Topics

s denotes a chapter from the statistics text

Chapter Reminders
1/23 last day to drop with full refund 2/1 last day to drop with 50% refund

1/16 1/23 1/30 2/6 2/13 2/20 2/27 3/5 3/12 3/19 3/26 4/2 4/9 4/16 4/23 4/30 5/7 5/11

No class on 1/16, Straight Lines Straight Lines, No class on 1/25 Simultaneous Equations Non-Linear Functions Non-Linear Functions, Differentiation Differentiation Functions of Several Variables Integration Review and Exam 1 no classes spring break Descriptive Statistics Sampling Distributions for Means and Proportions Confidence Intervals for Means and Proportions Tests of Hypothesis for Means and Proportions Inference from Small Samples Review and Exam 2 FINAL EXAM WEEK

2m 2m 3m 4m 4m, 6m 6m 7m 8m
All Math Chapters

3/14 Exam 1

2s 6s 7s 8s 9s
All Stats Chapters All Chapters

4/2 is NC Deadline

5/2 Exam 2 Final Exam date TBA