https://padlet.com/jayaraman_praveena/ECN601_Lecture_7 Decisions Making and Uncertainty en-us 2017-04-11 22:06:17 UTC 2025-11-08 01:27:12 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Bigthunderstorm.png jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990186 Name: Praveena Jayaraman
Office: CCOB Bldg 35, Room 105
Office hours M-R 2:00-5:00 PM/by appointment
Office phone number (602) 639-7838
Email: Praveena.jayaraman@gcu.edu ]]> 2017-04-11 22:15:44 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990186 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990363 1. ECN-601 Economics
_{This class introduces microeconomics and macroeconomics concepts that are relevant to business with a focus on how to use economic data for business decision making.}
2. padlet.com
3. Classroom Participation
4. Syllabus
5. Objectives
6. Text Book
Managerial Economics: A Problem Solving Approach Froeb, L. M., McCann, B. T., Shor, M., Ward, M. R. (2016). Managerial     Economics: A problem solving approach (4th ed.). Boston, MA: Cengage          Learning. ISBN-13: 9781305259331



]]> 2017-04-11 22:18:30 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990363 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990899 Please respond to this post to show your presence.]]> 2017-04-11 22:27:01 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/165990899 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166012965 Random Variables are just numbers which represents the outcome of random processes. For example, flipping a coin, rolling a dice.
A random variables simply a way of representing numerical outcomes that occur with different probabilities - Froeb, McCain, Shor, and Ward, 2014.

Random Variables can be of two types
1. Discrete random Variables. This takes into account only countable number of values. For example, number of students taking test, number of cats sleeping, number of apples in a box.
2. Continuous Random variables. This takes into account an infinite number of possible values. For example, measurements like height, weight, time taken to hike a mountain, amount of sugar in juice.
A continues random variable is not defined at specific values, it is defined over an interval of values and is represented by the area under a curve (which is called an integral)

]]> 2017-04-12 04:05:33 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166012965 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166042930

]]> 2017-04-12 10:03:14 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166042930 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166048655
To class, pick an event of your choice. Find different probabilities of each event occurring. compute the expected value.]]> 2017-04-12 11:03:07 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166048655 jayaraman_praveena https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166064469 2017-04-12 13:07:41 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166064469 https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166190190 2017-04-13 02:36:45 UTC https://padlet.com/jayaraman_praveena/ECN601_Lecture_7/wish/166190190