ECN 3971 - STATISTICS APPLIED TO ECONOMICS I

*"There are three kinds of lies: lies, damned lies, and statistics."* -- Disraeli

*"Statistical thinking will one day be as necessary for efficient citizenship as the ability to read and write."* --H.G. Wells

Instructor: Dr. Linda S. Ghent

Phone: 581-6331

Office: 2871 (215K) Coleman Hall

Office Hours: 1:30-3:30 MW

email: lsghent@eiu.edu

__Objectives:__

At the end of the semester, students should understand:

- how a basic knowledge of statistics and probability can improve economic decisionmaking
- how tables and graphs can be used to describe data
- how to calculate measures of central tendency and variability
- how to estimate linear relationships between variables
- probability rules
- the characteristics of the binomial, hypergeometric, Poisson, normal, and exponential distributions
- how to construct confidence intervals for various measures
- hypothesis testing

__Required Textbook:__

Newbold, Paul, William L. Carlson, and Betty Thorne. *Statistics for Business and Economics, 6/e. * (Upper Saddle River, New Jersey: 2007.)

__Grading:__

Grades will be determined using a 10-point scale. There will be no "curve". Final grades will be comprised of:

- Homework 20 percent
- 3 unit exams 80 percent

__Please note:__

If you have a documented disability and wish to receive academic accomodations, please contact me and the Coordinator of Disability Services (581-6583) as soon as possible.

__Policies:__

**Absolutely no cell phones or pagers are to be used during the class. You may not use your cell phone as a calculator. Turn off your phone before class begins.**

__Homework__

We will have several homework assignments throughout the semester. These will be given at the end of class
and will be due by *the beginning of the next class period*. Since we will have many assignments,
I will drop your lowest homework grade in determining your final homework average. Therefore, __no late
homework assignments will be accepted__ (regardless of whether the absence is excused or not). If you miss class when
an assignment is given, it is your responsibility to get a copy of the assignment and complete it
by the due date. **No late homework assignments will be accepted at any time - no excuses!**

__Answers to Homework Assignments:__

**Homework Answers for Second Exam**

__Attendance__

Regular attendance is necessary for you to understand the material covered in this course. While I will
not make attendance an explicit part of your grade, I will be recording attendance every day. Keep in mind
that it will be used in determining the final grade for a student whose average is near a
borderline. I reserve the right to raise or lower your grade average by 1 to 2 points at
the end of the semester based on your attendance record.

__Exams__

All exams will consist of problems and a few multiple-choice questions. The final exam is NOT cumulative.
However, the last unit exam will be given during the final exam time. If you miss an
exam and provide me with a legitimate (and properly documented) excuse __ BEFORE__ the exam,
you will have the option of increasing the weight of your remaining exams, or taking a make-up exam
(which must be taken before or during the next class period following the exam).
If you miss an exam and do not provide me with a legitimate excuse beforehand, you will receive
a grade of zero for that exam.

__Exam Schedule (subject to change):__

Exam 1 - Thursday, September 26th

Exam 2 - Thursday, October 26th

Exam 3 - Monday, December 11th (2:45-4:45)