PMM2020

Economic and statistical decision making ( 6 points, SCA Band 2, 0.125 EFTSL)

Leader: Dr Ian Kirkwood(E&BS)/Dr Hooi Hooi Lean (Economics)

Offered:
Caulfield First semester 2005 (Day)
Caulfield First semester 2005 (OCL)
Singapore First semester 2005 (OCL)

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%

Contact Hours: Two 1-hour lectures and one 1-hour practical lab per week

Prohibitions: ECF1100, ECF2100, ECF3731, ETX1100. Bachelor of Business (Specialised) degree students are not permitted to take this unit.