Probability and Distribution Theory for Business and Social Sciences

Course Code: 
ECON3031

The course outlines: Concepts (classical probability, mathematical and empirical concepts of probability in terms of set theory concepts of events (mutually exclusive, conditional, independent etc.), axioms and rules of probability - Baye's theorem etc. Mathematical expectation (random variables, expectations, probability frequency function, probability density functions, joint density function, moments and moment generating function, Chebysheff’s theorem, law of large numbers etc.); Probability distributions (discrete uniform distribution, binomial distribution, hypergeometric distribution, family of exponential distributions, normal distribution and normal approximation to the binomial distribution etc.); sampling distributions t, chi-square and F distributions - applications).

Semester: 
Semester 1
Pre-Requisites: 
ECON2008 or STAT2001 & ECON1004 or MATH1142 (Anti-requisite: MATH2404)