Department of Economics
Fall 2006
Prof. J. W. Sell
Economics 110 -- Quantitative Methods for Economics
and Business
Course Objectives:
- To provide a formal analytical approach to solving problems
common in business and economic policy-making.
- To provide a basis for understanding professional journal
literature for IS and future course work.
- To introduce some commonly-used quantitative and statistical
techniques and to discuss situations in which the use of these
techniques is appropriate and where other approaches may be better.
- To teach tools that students can use to solve problems themselves
and to understand others who use such tools.
- To demonstrate the use of the Internet and on-line databases as a
source of information useful for empirical work in IS and business or
policy-making settings.
These objectives are accomplished within a framework based on
statistics, operations research, and decision theory and provide:
- A background in methods of statistics and optimization.
- An explanation of the methodology behind some commonly-used
models in business decision-making and economic policy analysis.
- A variety of hands-on experience with software such as EXCEL, the
Excel SOLVER, STATA, and COMPUSTAT.
By the end of the first week of class, each student is
expected to send
me an e-mail from this link
confirming that s/he has found, read, and accepts the materials
explained in this document.
Prerequisites: Economics 101 required. Mathematics 101
or equivalent score on the Mathematics Department placement test
is strongly advised.
Text: Dept. of Economics Coursebook extracted from Newbold,
Carson & Thorne, Statistics
for Business and Economics (6th ed.) available in the Wilson
Bookstore.
An online Reading
and Assignment list is the official syllabus for this course.
It will be updated frequently, so you should visit it at least
once per week on Monday for the latest information.
Tools: Hand-held calculator with y^x, N!, and EXP(x) keys.
You may use your own personal computer with EXCEL or the Colleges
lab computers. If you use your own computer and EXCEL version,
make sure that the Analysis Tool Pack and EXCEL Solver are installed.
We will be using Apple Macintosh computers, but Pentium-equipped
PCs should function equivalently.
Shared Folder Access:
Miscellaneous items related to the course will be stored in my Novell
Shared Folder that is available to you 24 hours a day. To reach
this folder, follow the instructions below.
From a Mac:
- Make sure that you are in the “Finder” by clicking on the
desktop. Select, “Connect to Server”
from the GO Menu. A window
will open. Type, “facultyserver.wooster.edu” (no quotes) in the
box labeled “server address” and then press the CONNECT button.
- In the authentication window that appears, enter your Novell
username (the part of your e-mail address before the @) and password
and then click, CONNECT. A
window will open. Select “Facdata” and click OK. You will then see a number of
folders that are available for you to view. If these folders do
not appear, then click on the Facserver icon that is on the desktop.
- Navigate to the Economics folder and locate the JWSELL
Folder. Inside this folder you will find a drop box and the
shared folder containing items for this class.
From a Windows
PC (from the IT Department’s instructions):
- From the START Menu
select “Run.”
- In the window that appears, enter the address:
\\140.103.223.28\ and click OK.
- Continue from the second bullet in the Mac description and supply
your authentication information as requested.
Evaluation: There will be three
cumulative examinations each
counting 25% of your final course grade. The last of these will
be given during the final exam period which, for this course,
is December 15, 2006 at 9:00am.
A course project (described
separately) will count 15% and in-class quizzes will make
up the remaining 10% (only top 5 scores
counted). There will be no make-up quizzes or examinations.
In the event that you should miss an examination for a legitimate
reason, the weight on the remaining examinations will be increased
proportionately. You are expected to abide by the "Code
of Academic Integrity" as printed in the Scot's Key.
This is required reading by the second class period. Success with
quantitative methods usually requires much practice working problems.
You are encouraged to work with others in terms of discussing
general solutions and approaches to problems. This does not mean
simply observing someone else or copying their work, however loosely.
Any work that you submit for evaluation must be your own work,
done independently. Otherwise, it will be considered plagerism
by both parties and will be dealt with appropriately. Please
address questions about this to me.
Attendance Policy:
While class attendance is not mandatory, it is advisable since
lecture material is not a simple summary of the required reading. If
you choose to come to class, I and your colleagues expect you to arrive on time and to
remain for the entire class period. This class meets MW from
2:00 - 3:20pm. Other days should be spent on reading assigned
readings and working on practice problems.
Office Hours
and Contact Methods
or, by e-mail.
rev. 21 August 2006 by Jws.