APPLIED STATISTICS
BUSN 130 - ECON 130 - FIN 130
Professor Robert J. Lemke
Department of Economics and Business
Lake Forest College
Fall 2013, Copyright

Assignments:

Wed., Sept.4. Topic 1, questions 1, 2, 3, 4 (skip part c). Read Topic 1. Answers
Fri., Sept. 6. Topic 1, questions 5, 6, 7. Read Topic 1. Answers
Mon., Sept 9. Topic 1, questions 8-17. Read Topic 1. Answers
Wed., Sept 11. Topic 1, questions 18, 19, 20. Read Topic 2. Answers
Fri., Sept 13. Topic 2, questions 1, 2. Read Topic 2. Answers
Fri., Sept. 13. First Excel Lab Due.
Mon., Sept 16. Topic 2, questions 3, 4. Read Topic 2.
Fri., Sept. 20. SecondExcel Lab Due.

Contact Information:

Office: 418 Young Hall
Office Phone: 847-735-5143
E-mail: lemke@lakeforest.edu
Class Webpage: http://campus.lakeforest.edu/lemke/econ130/index.html

College Catalog Description

ECON 130 Applied Statistics Distribution analysis, sampling theory, statistical inference, and regression analysis, with emphasis on the application of statistical techniques using spreadsheet software to analyze economic and business issues. Students who have taken this course will not receive credit for MATH 150. Not open to students who have completed ECON 180 or BUSN 180. Cross-listed as BUSN 130 and FIN 130.

Objectives and Expectations

There are three primary areas of study that we will cover: probability, statistics, and regression analysis. For each, we will develop theoretical results, apply the theory to solve problems, and develop computer skills to solve problems with Excel.

I expect you will come to class every day, do the assigned reading before class, work the assignments and Excel projects in a timely manner, and see me outside of class at the first sign of difficulty. I also expect you will be a productive member of any study group you join.

Class Lectures

I teach two sections of ECON 130, both in 320 Young Hall. Section 1 meets 9:00 - 9:50 MWF. Section 2 meets 10:00 - 10:50 MWF. I do not care which section you attend as long as there are desks available, but you are required to take exams with the section you are registered for. Regular attendance and active participation in classroom discussions is expected. Participation includes asking and answering questions, offering ideas on a topic, presenting answers to problems, etc. I expect you will be on time with your phone turned off. I reserve the right to lower anyone's grade who is habitually absent, disruptive, without ideas, or without answers. Please do not excuse yourself during class except for in an emmergency.

Office Hours

Office hours are after class from 11:00 - 1:00 MWF, and by appointment. Although I ask that you try to see me during ofice hours if possible, you are also welcome to stop by my office anytime to see if I am available. Outside of stopping by my office, the best way to contact me is by e-mail at lemke@lakeforest.edu.

Alexis Yusim, the paper grader for the class, will hold weekly office hours from 7:30 - 8:30 on Monday and Thursday nights in 511 Young Hall. Attending Alexis's office hours is an excellent opportunity for you to get help on the problem sets, get answers to questions concerning your notes, and to work through extra problems.

Textbook

Rather than having a formal textbook, you must purchase your own copy of the lecture notes for $30. You can pay in the business office (North Hall) from 8:30 - 3:30 or you can pay online with a credit card at http://prostores2.carrierzone.com/servlet/lakeforest/StoreFront. When you pay, you will be given or emailed a receipt. Take the receipt to Harriet Doud (121 Young Hall) who will then give you a copy of the notes. If you want to purchase a textbook to have another source of information, almost any non-calculus based textbook would do. The textbook that best matches the material that we will cover is any edition of Essentials of Statistics for Business and Economics, by David R. Anderson, Dennis J. Sweeney, and Thomas A. Williams (Thomson South-Western Publishers).

Assignments

You are expected to try all problems by yourself before working with your study group. Your study group should submit a single set of answers, being sure to include everyone's name. Answers must be typed or very neatly written. Sloppy work will not be graded. Answers are due at the start of class. Late papers will not be accepted. Your performance on the assignments will determine 20 percent of your overall grade.

Excel Projects

Eight Excel projects will be assigned during the semester. Group work is not permitted. You will be tested twice on your Excel skills. Your performance on the Excel projects will determine 20 percent of your overall grade, split evenly between projects and tests. The Excel projects, including laboratory instructions and data sets, can be found at http://campus.lakeforest.edu/lemke/econ130/excel/index.html.

Exams

There will be four exams during the semester plus a cumulative final exam. The final exam is from 8:30 - 11:30 on Monoday, December 16 for Section 1 and from 8:30 - 11:30 on Saturday, December 14 for Section 2. Each exam, including the final, will determine 12 percent of your overall grade. Alternatively, if it is better for your grade, your four semester exams will each count 8 percent toward your overall grade and your final exam will count 28 percent toward your final grade. Make-up exams will be given only in unforeseeable and extraordinary situations.

Grading Policy

Your overall percentage for the class will depend on assignments (20%), Excel projects (20%), and exams (60%). The conversion of your overall percentage into a letter grade will follow the standard 90 - 80 - 70 - 60 scale, with pluses and minuses assigned in the top and bottom 2 points per range respectively.

Topics to be Covered

  1. Data and Statistics
  2. Probability
  3. Discrete Probability Distributions
  4. Continuous Probability Distributions
  5. Sampling and Sampling Distributions
  6. Confidence Intervals
  7. Hypothesis Testing
  8. Testing Claims Across Populations
  9. Linear Regression