As the title indicates, this course deals with mathematical solutions to various types of problems encountered in economics and business. Economic theory assumes that firms maximize profits and minimize costs, and that consumers maximize utility. Thus, optimization techniques will be the first topic we will examine. Since most decisions are made with imperfect knowledge, an understanding and appreciation of probability is necessary; this will be the second topic covered in the course. Forecasting and regression techniques are the third subject examined by this course, followed by linear programming, project scheduling, and inventory management.
Prerequisites
ECN 201, ECN 202 and ECN 303.