Major in economics or labor studies. Test of various hypotheses of consumption function, investment function, demand for money function, supply of money process, aggregate production function, and labor supply and demand functions. Problems of aggregation and structural vs. reduced-form estimations. Applied linear and nonlinear models of the consumer and the firm. Analytical tools and methods of economic theory used in business management, focusing on production, cost, pricing and investment.
Application includes demand estimation and economic forecasting.
ECON 302 highly recommended. A review of the development of economic thought from the age of mercantilism to present times, with the particular emphasis on landmark contributions of writers such as Adam Smith, Karl Marx, Alfred Marshall, J. M. Keynes, and significant 20th-century economists. The application of economic analysis to the law, including property law, contract law, family law, torts, criminal law, constitutional law, antitrust and environmental law. Introduction to the mathematical formulation of economic theories. The use of statistical procedures to measure the theoretical relationships and to verify or reject the theories.