Analysis of the theories of consumer behavior, resource allocation, externalities, production and pricing policies of firms. (3 crs.)

An analysis of the determination of national income, employment and price levels, with discussion of consumption, investment, inflation, government fiscal and monetary policies, and international trade, and their relevance to business and industry. (3 crs.)

This course gives students practical skills in the application of economic principles to a variety of problems confronting business and government. The first half of the course reviews certain microeconomic principles that are then applied to real situations in which a private or public official must make a specific decision. This includes a diagnosis of the problem, analysis of the economic choices and development of a plan of action to help the enterprise or government agency reach a reasonable strategy or decision. The second section reviews macroeconomic principles that are used to gain understanding of the forces determining current business conditions, make macroeconomic forecasts and evaluate the effects on the economic and business environment of various macroeconomic and regulatory policies. (3 crs.)

The tools and techniques of economic analysis are used to analyze and solve business and industrial decision-making problems. (3 crs.)

An introduction to statistical estimation in mathematically formulated economic relationships, including the discussion of auto correlation, heteroskedasticity, dummy variables, functional forms and distribution lags. Computer use is emphasized. (3 crs.)