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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

## - consumer and producer surplus - welfare analysis

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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

Assignments 10%

Exam 1:

## Mathematics 3/14 25%

Exam 2:

Statistics 5/2

25%

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

Wednesdays
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

Fridays

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

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