Postgraduate RMI-ECON1315-2019

Quantitative Methods for Economic Analysis

Understand the economy, how it works, why it sometimes fails and what informs policy-makers’ decisions. See how business cycles operate. Explore probability theory and distributions. Draw on your learnings when making business or accounting decisions.

Duration

14 weeks

Study method

100% online

Available loans

FEE-HELP

Assessments

Subjects may require attendance

Prior study

Not required

Study terms

20 Jul 2020

Australia's largest dual-sector institute, offering both TAFE and higher education, RMIT University proudly delivers work-related education and practical research relevant to current business and community needs. More than 60,000 students study with RMIT, and many of their degrees are available through Open Universities Australia.

University ranking

2019
2020

Subject details

What you'll learn

On successful completion of this subject you will be able to:

CLO1: Examine basic economic problems facing society while applying simple microeconomic theory to practical problems
CLO2: Evaluate the major economic aggregates and determine how they are measured
CLO3: Analyse and discuss the nature of business cycles to justify decision making in a professional context
CLO4: Identify the major economic problems that may or may not affect an economy and use appropriate economic tools to conduct analyses
CLO5: Apply quantitative skills to real life problems and determine interrelationships between economic variables
CLO6: Undertake basic estimation and hypothesis tests using knowledge of probability theory and probability distributions and interpret numerical and graphical outputs.

Topics covered

- Organising and Presenting Data & Summarising Numerical Data
- Basic and Discrete Probability
- Hypothesis testing and sampling methods
- Regression
- Time Series, Forecasting and Index Numbers
- Thinking like an economist
- Market supply and demand and Market Failure
- Macroeconomic measurements and Determinants of Aggregate Spending
- Macroeconomic policy
- Production costs
- Market Structure - Perfect competition, Monopoly, Imperfect competition.
Study resources
- Instructional methods
  - Discussion forum/Discussion Board
  - Web links
  - Online Quizzes/Tests
- Online materials
  - Printable format materials
  - Online Assessment

Entry requirements

In order to enrol in this subject, you must be accepted into one of the following degrees:

Core

RMI-PAC-MAS-2019
RMI-CPA-MAS-2019

Special requirements

No special requirements

Description

Quantitative Methods for Economic Analysis will provide you with insights into the structure of an economy, how it operates, why economic problems occur and the reasons why policy makers make the decisions they make.

This subject is designed to provide you with the economic knowledge and skills necessary to make well-informed business and accounting decisions. It will also introduce you to various quantitative methods and techniques to facilitate these decision-making practices.

Assessments

Invigilated Exam - Linked CLOs: 1, 2, 3, 4, 5, 6 (50%)
Mid-Session Test 1 - Linked CLOs: 5, 6 (20%)
Mid-Session Test 2 - Linked CLOs: 1, 2, 3 (30%)

Textbooks

Current study term (19 Jul 20 to 25 Oct 20)

Textbook information is pending.

Related degrees

postgraduate RMI-PAC-MAS-2019

Master of Professional Accounting

postgraduate RMI-CPA-MAS-2019

Master of Professional Accounting CPA Australia Extension