Spring 2023 - STOR 113: Decision Models for Business and Economics
Undergraduate course, Department of Statistics and Operations Research, University of North Carolina at Chapel Hill, 2023
This course equips you with essential skills for solving quantitative problems in business and economics. We’ll begin by investigating some basic models which appear repeatedly in applied settings – linear models, quadratic models, and exponential models. Marginal analysis – the analysis of the rate of change of one quantity with respect to another – will be covered next. The course culminates in a module on optimization, the set of techniques for finding the minimum or the maximum of a variable quantity such as cost, revenue, or profit. Applications covered along the way include compound interest, market equilibrium, and price and income elasticity. Much of our time in and out of lecture will be devoted to reviewing relevant algebra concepts, and learning differential calculus – the mathematical language for analyzing rates of change.
Class size: 101.