Apr 27, 2024  
2013-2014 Academic Catalogue 
    
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2013-2014 Academic Catalogue [ARCHIVED CATALOG]

EC 421 - Quantitative Applications in Econ & Business

Lecture Hours: 3
Lab Hours: 0
Credit Hours: 3

Quantitative decision models are an aid to decision makers in economics and in the functional business domains of finance, operations, and marketing. Several quantitative modeling techniques are introduced in this course, including linear programming, nonlinear optimization, decision trees, simulation, and queuing models. Solution techniques using spreadsheets and add-in software are emphasized. Applications to economics include determining optimal pricing and production strategies under uncertainty for firms competing in the market structures of monopoly, monopolistic competition, and oligopoly. Prerequisite(s): EC 201 , EC 202 , and EC 303 with a grade of C or better (or equivalent probability or statistics course), or permission of instructor.