PMM2020

Economics and statistical decision making

(BUS)

6 points + Two 1-hour lectures and one 1-hour practical lab per week + First/ Second Semester + Caulfield/ OCDL

Synopsis: The intention of this subject is to develop students' understanding of economic and statistical approaches to decision-making in the business environment. As such it deals with the theory of the firm, some relevant aspects of macroeconomics, problems of measurement, data sources and the use of time series. Topics covered are: economic systems; market structure; macroeconomic aspects of the firm; applications of regression in business; long and short term forecasting of time series; technological view of the firm; transaction costs view of the firm; new classical theory of the firm; three-domain model of the firm.

Assessment: Midsemester test (1 hour) 25% + Final examination (3 hours) 75%