Econ 207: Business Statistics
Department of Economics
Minnesota State University
Fall 2005
Dr. Saleheen Khan
Office: 121 Morris Hall
Phone: 389 2711
E-mail: saleheen.khan@mnsu.edu
COURSE OBJECTIVES
This course provides an introduction to theoretical and applied statistics for business and
economics. The main objective is to stress the importance of applying statistical analysis to the
solution of common business problems. Every opportunity is utilized to demonstrate the manner
in which statistics can effectively facilitate the many decisions that business managers face on an
almost daily basis.
The general objective of this course is to prepare the students with skills to:
(i)
(ii)
(iii)
(iv)
Develop proper understanding of conceptual framework needed for statistical
analysis,
Develop sound quantitative foundation for statistical analysis,
Solve business related problems using appropriate statistical tools, and
Use regression technique for modeling and forecasting.
Upon completion of this course, you should be able to:







Understand the vocabulary and methodological issues associated with presentation and
analysis of data.
Understand single number summary for data sets, e.g., measure of central
tendency/dispersion and their use.
Understand probability theory and probability distribution.
Learn the properties of sampling distribution
Make point and interval estimates for population means and proportion; and determine
the sample size
Perform tests of hypothesis about population means and proportions.
Develop a model of your own using simple linear correlation and regression techniques.
PREREQUISITE: Math 112
TEXTBOOK
- Statistics for Business and Economics (ninth edition), Anderson, Sweeney, and
(required)
- Workbook ( optional, but recommended)
Williams
HOMEWORK
Homework will be assigned regularly. Students are recommended to make a study group (each
consists of 3 to 4 students) and are strongly encouraged to study together to solve homework
problems. Practice is the key to be successful in taking a statistics course. Solution to the
selected homework problems will be discussed in the class. You will also learn and use statistical
software, SPSS, to compute statistical measures.
EXAMINATION AND QUIZZES
Five quizzes, two mid-term exams and a comprehensive final exam will be given in class during
the semester. Exams and quizzes will consist primarily of statistical problems. A calculator will
be necessary for computations.
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REVIEW WORKSHEETS
A review worksheet will be assigned before every major exam. You should attempt to solve all
the problems in the review worksheet. It will prepare you for the exam.
GRADING POLICY
The total number of possible points in the course is 460.
First mid-term
Second mid-term
Final Exam
Homework
Quizzes
Class participation and attendance
Computer Assignments
: 100 pts
: 100 pts
: 150 pts
: 20 pts
: 60 pts
: 10 pts
: 20 pts
MAKE-UP POLICY
There will be no make-ups for missed quizzes regardless of reason. Please do not request me
for such. Late assignments will not be accepted. Make-up exam may be given under extreme
circumstances. You need to show an official, written university excuse to get that opportunity.
For those with an official excuse, a single comprehensive make-up will be given during the last
week of the scheduled class. Any student fail to follow this policy will receive an automatic zero
for the missed exam(s).
OFFICE HOURS
My office hours are T – R: 12 - 4 or by appointment. I strongly encourage you to stop by my
office to discuss your progress.
COURSE WEBPAGE
A course website has been built. I have posted review for the exams and practice exams. I plan
to post more material related to the course. The website has the following URL:
http://krypton.mnsu.edu/~khans3/econ207.html
CLASS ATTENDANCE
Regular Class attendance is essential to be successful in this class. You will be held responsible
for all material presented in class, whether you are present or absent. In the event of an absence,
you will need to obtain class notes/assignments for the material missed from another student
before the next class.
CLASSROOM POLICY
I expect you to conduct yourself with professional courtesy in the classroom. You should not talk
to other students during lectures unless directed to do so by the professor. Please turn off Cell
Phones, Beepers, or Pagers.
SPECIAL NOTE
“Every attempt will be made to accommodate qualified students with disabilities. If
you are a student with a documented disability, please see me as early in the
semester as possible to discuss the necessary accommodations, and or contact the Disabilities
Services Office at (507)-389-2825 or 1-800-627-3529(MRS/TTY”
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COURSE OUTLINE
Chapter 1: Data and Statistics
Chapter 2: Descriptive Statistics: Tabular and Graphical Presentations
Chapter 3: Descriptive Statistics: Numerical Measures

Quiz 1 ( Ch 1 - 3 ), Computer Assignment ( Ch 2 & 3 )
Chapter 4: Introduction to Probability

Quiz 2 ( Ch 4 ), Review for Exam I, Exam I ( Ch 1 - 4 )
Chapter 5: Discrete Probability distributions
Chapter 6: Continuous Probability Distributions

Quiz 3 ( Ch 5 & 6 )
Chapter 7: Sampling and Sampling Distributions
Chapter 8: Interval Estimation

Quiz 4 ( Ch 7 & 8 ), Review for Exam II, Exam II ( Ch 5 - 8 )
Chapter 9: Hypothesis Testing
Chapter 10: Statistical Inference about Means and Proportions with Two Populations.

Quiz 5 ( Ch 9 & 10 )
Chapter 12: Tests of Goodness of Fit and Independence
Chapter 13: Analysis of Variance and Experimental Design
Chapter 14: Simple Linear Regression

Final Exam Review
Comprehensive Final ( Emphasis Ch 4 –14 )
Check Calendar for Final’s Date
Make up Exam ( Comprehensive; covering Ch 4-10 ): May 4
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ASSIGNED PROBLEMS
1. Introduction
Chapter 1: 5, 6, 8, 13, 22
2. Descriptive Statistics
Chapter 2: 4, 15, 20, 25, 30, 41
Chapter 3: 6, 7, 15, 17, 21, 27, 29, 31, 33, 34, 54, 56
3. Introduction to Probability
Chapter 4: 2, 4, 10, 16, 19, 23, 26, 29, 30, 33, 36, 53
4. Probability Distribution
Chapter 5: 8, 11, 16, 21, 26, 29, 30, 33, 38, 40, 43, 48, 51, 53, 57, 58, 64, 65
Chapter 6: 2, 6, 9, 10, 15, 19, 21, 23, 40, 45
5. Sampling Distribution
Chapter 7: 1, 11, 14, 18, 19, 20, 25, 26, 27, 31, 32, 38, 39, 54
6. Interval Estimation
Chapter 8: 2, 6, 13, 16, 20, 27, 30, 31, 33, 34, 35, 60
7. Hypothesis Testing
Chapter 9: 16, 17, 27, 34, 37, 42, 44, 57, 68
Chapter 10: 2, 3, 4, 18, 19, 30, 31, 36, 37, 47
8. Tests of Goodness of Fit
Chapter 12: 3, 5, 9, 12, 27, 31
9. Analysis of Variance
Chapter 13: 1, 2, 8, 11, 15, 26
10. Regression Analysis
Chapter 14: 1, 2, 4, 9, 15, 16, 18, 23, 24, 26, 45
** Please read the lecture notes, textbook chapters, and other supplementary materials
regularly as we proceed through the semester.