**ECON ****6904****
**** SYLLABUS****
FALL
2004****
INSTRUCTOR**: Ebenge Usip, Ph.D

**OFFICE**: 307 DeBartolo Hall; Hrs. Mon.-Th. 1-3, Th. 3-4;
742-1682

**TEXT**: Introductory Econometrics:
A Modern Approach, 2ed, by Jeffrey M. Wooldridge**
SUPPLEMENTS** (Available in the Department Conference Room)

Interpreting Mathematical Economics & Econometrics by B. D.

Fundamental Methods of Mathematical Economics (3rd ed.) by A. C.

Statistics for Business & Economics (9th ed.) by Anderson, Sweeney, & Williams (

**GRADE WEIGHTS**:

**APPROXIMATE SCALE**: Will be discussed in class.

**Note**: the Last day to withdraw with a 'W' is Oct. 23 (NOON)

**OUTLINE**

**Part I**: Fundamentals of Mathematical Economics - Functions,
Differentiation, & Integration. **
**
Functions: Applications in Modeling and Equilibrium/Static Analysis.

Eastman,

Differentiation: Applications in Comparative Static Analysis.

Eastman,

Chiang

Eastman,

Introduction to Statistics,

Probability and Probability Distributions

Sampling & Sampling Distributions,

Statistical Inference: Interval Estimation & Hypothesis Testing

Quantifying Economic Relationships.

Regression Analysis (The Heart of Econometrics)

The nature of Econometrics & Economic Data.

1. No make-up exams will be administered. Late homework will not be graded.

2. It is the student's responsibility to be familiar with the assigned readings and all lecture materials.

GOAL OF THE COURSE

In this course, we will study the quantitative methods that economists use to develop/construct/formulate economic theories and to quantify/measure economic relationships that derive from theoretical models/formulations. Developing economic theories rely heavily on mathematical concepts and techniques while quantifying economic relationships rely heavily on statistical concepts and techniques.

Applications of mathematical and statistical fundamentals
will cover many areas of economics including:

● Microeconomics (e.g., individual consumer’s utility maximization, individual
firm’s profit maximization, competition between firms, static and dynamic
analysis of markets).

● Macroeconomics (e.g., the Classical and Keynesian theories of income
determination).

● Monetary Economics (e.g., the Quantity theory of money; interest rate
theories, and growth theories)

● International Economics (e.g., the theory of comparative advantage as the
basis for mutual gains from trade)

● Econometrics: A highly specialized field that provides the methodology for
measuring economic relationships and testing hypotheses about the underlying
theories.

During the course of this semester, for instance, many microeconomic topics will require mathematical rigor involving the calculus techniques of differentiation and integration. To use these techniques, you must first be familiar with the basic concepts of sets, variables, relations, and functions. You also must be able to distinguish between equations that stipulate/represent “definitional” relationships, “behavioral” relationships, and “equilibrium” relationships.

Our main aim is to expose you to only those mathematical/statistical techniques and symbols that are essential for understanding journal articles and for undertaking a serious applied economic analysis. We will not examine advanced topics such as matrix algebra which theoretical economists use extensively to arrive at sophisticated results; for instance, they employ the “Cramer’s” rule to solve a system of behavioral equations in matrix form to obtain equilibrium solutions.

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**Copyright© 1996, Ebenge Usip, all rights reserved.
Last revised:
Tuesday, July 09, 2013.**