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程序代写案例-ECON20003
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ECON20003
Quantitative Methods 2
SUBJECT GUIDE
Semester 2, 2022
Prepared by
Dr László Kónya
l.konya@unimelb.edu.au
Department of Economics
Faculty of Business and Economics
2
Subject Outline
Introduction
Welcome to ECON20003, Quantitative Methods 2 (QM2). Having solid quantitative problem-
solving skills is essential for future careers in commerce. Learning these skills can be
challenging, but they are becoming crucial for success in business and economics. QM2
should not be a hard subject, but it does require the mastery of analytic skills, and thus it
necessitates your constant attention throughout the semester.
Subject Overview and Aims
The overall aim of this subject is to help you become proficient in the use of quantitative
techniques essential for analysis in business and economics. A wide range of skills will be
covered during the semester. On successful completion of the subject, you should be able to:
(a) Identify the correct technique to solve a particular quantitative problem,
(b) Implement each technique, and
(c) Interpret the results from these techniques.
You will use the skills you develop in QM2 in the business, economics, finance, marketing,
and management subjects you study during the remainder of your time at the University of
Melbourne, and, most importantly, later in the workplace.
Learning Outcomes
Learning Outcomes and Generic Skills
To view the subject objectives and the generic skills you will develop through successful
completion of this subject, please see the University Handbook:
https://handbook.unimelb.edu.au/2022/subjects/econ20003
Awareness Issues
At a broader level, studying this subject will increase your awareness and the breadth of
questions that are investigated within business and economics, the wide range of statistical
information that is publicly available, and the future subjects you can take to learn more
quantitative techniques.
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Eligibility and Requirements
To view the eligibility and requirements, including prerequisites, corequisites, recommended
background knowledge and core participation requirements for this subject, please see the
University Handbook:
https://handbook.unimelb.edu.au/subjects/econ20003/eligibility-and-requirements
Academic Staff Contact Details
Please see the subject LMS site for full contact details of the teaching staff in this subject.
Subject Coordinator and Lecturer Contact Details
Name: Dr László Kónya
Email: l.konya@unimelb.edu.au
Office: 460, 4th floor, FBE Building
Phone: 8344 0355
Consultation Hours: Wednesday 14:15 – 15:15 in my office or on Zoom (see the details on
LMS).
Email Protocol
Please note that we are only able to respond to student emails coming from a University
email address. Please do not use personal email addresses such as Yahoo, Hotmail or even
business email addresses. Emails from non-University email addresses may be filtered by
the University’s spam filter, which means that we may not receive your email. All
correspondence relating to this subject will only be sent to your University email address.
Note that you must first activate your University email address before you can send or
receive emails at that address. You can activate your email account at this link:
http://accounts.unimelb.edu.au/.
While academic staff endeavour to address queries received via email, it is more appropriate
to resolve substantive questions during the tutorials and/or via the Ed Discussion Board. With
this in mind, we encourage students to attend all lectures and tutorials and to follow the Ed
Discussion Board.
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Lectures
Lecture Times and Venues
ECON20003 is a dual delivery subject.
There are two one-hour lectures a week.
Tuesday 15:15 – 16:15 (The Spot-B01 - Copland Theatre)
Wednesday 12:00 – 13:00 (The Spot-B01 - Copland Theatre)
Lecture Schedule
Week Lecture (Date) Topic
Required Reading from
W 2nd ed. & S 8th ed.
1
1 (26 July)
2 (27 July)
Introduction and General
Information about Quantitative
Methods 2 (QM2)
Estimation and Hypothesis Testing
W: Ch 1-2, § 3.1-3.6, 3.8-
3.9
S: § 8.3, 9.3-9.4, 10.1-
10.3, 10.5, 12.1-12.4
2
3 (2 August)
4 (3 August)
Desirable Properties of Point
Estimators
Parametric and Nonparametric
Techniques
The Assumption of Normality
W: 3.7
S: § 10.1, Ch 20
Introduction
3
5 (9 August)
6 (10 August)
Comparing Two Population Means
or Central Locations with
Parametric and Nonparametric
Techniques
S: § 11.1-11.3, 13.1-13.2,
20.1-20.2
4
7 (16 August)
8 (17 August)
The Chi-Square, t and F
Distributions
Inferences about One or Two
Population Variances
Inferences about One or Two
Population Proportions
W: § 3.5
S: § 9.5, 10.4, 11.4, 12.6,
13.3, 14.1-14.2
Assignment 1 due in by 10am on Monday 22 August
5
5
9 (23 August)
10 (24 August)
Comparing Several Population
Means with One-Way Analysis of
Variance (ANOVA) Based on
Independent Samples and
Randomised Blocks
S: § 15.1, 15.3-15.4, 20.3
Mid-semester online test from 8am 29 August till 10am 31 August
6
11 (30 August)
12 (31 August)
Chi-Square Tests for the Analysis
of Frequencies
Measures of Association
W: § 3.4
S: § 5.4, 16.1-16.2, 16.4,
17.6
7
13 (6 September)
14 (7 September)
Linear Regression: Specification,
Estimation and Assessment
W: Ch 4-5, 6.1-6.3
S: § 17.1-17.4, 17.7, 18.1-
18.2
8
15 (13 September)
16 (14 September)
General F-test
Omitted and Irrelevant Variables
Alternative Functional Forms
Multicollinearity
W: § 6.6, 6.8, 7.1-7.3
S: § 17.5, 17.7, 18.1-18.2,
19.1
Assignment 2 due in by 10am on Monday 19 September
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17 (20 September)
18 (21 September)
Heteroskedasticity
Using the Sample Regression
Equation
Dummy Independent Variables in
Regression Models
W: § 5.3, 6.7, 8.1-8.2, 9.1-
9.3
S: § 17.5, 17.7, 18.3,
19.2-19.3
Mid-semester break from Friday 23 September to Sunday 2 October
10
19 (4 October)
20 (5 October)
Dummy Dependent Variable
Regression Models: Linear
Probability, Logit and Probit
Models
W: § 8.3-8.5, 8.7
S: App. 19.A
11
21 (11 October)
22 (12 October)
Cross-Sectional vs. Time-Series
Data
Regression Analysis with Time
Series Data
Autocorrelation
W: § 10.1-10.3, 11.1-11.2,
11.4
S: § 4.2, 18.4
6
Assignment 3 due in by 10am on Monday 17 October
12
23 (18 October)
24 (19 October)
Stationary and Non-Stationary
Processes
Spurious Regression
Dickey-Fuller Unit Root Tests
W: § 12.1-12.3
Lecture Slides
Lecture slides will be made available on LMS prior to each lecture. Students are encouraged
to read the slides and the relevant parts in the prescribed and/or the recommended textbook
before attending or watching each lecture. Be prepared to take some notes in lectures, as
some important explanations of the material might not be detailed on the slides.
Recorded Lectures
The lectures will be live-streamed Every teaching week of the semester the two one-hour
lectures will be recorded and made available on LMS right after the lectures, granted that
some technical problem does not prevent IT to do so. You can access the recorded lectures
by clicking on the Lecture Recordings (or similar) menu item on the LMS page for this
subject.
Please review the Lecture Capture Student Guides page for more information:
https://lms.unimelb.edu.au/support/guides/students/lecture-capture-student-guide.
Tutorials
Tutorials commence in the first week of semester (week beginning Monday 25 July).
Tutorial dates, times and locations can be found on the University timetable.
Enrolling in Tutorials
Students should enrol in tutorials via the Student Portal. After subject registration, students
are allocated to available classes. It is the students’ responsibility to ensure their registrations
produce a clash-free timetable. A change to your allocated tutorial time can only be made if
there is space in alternative tutorials. The tutors and the lecturer cannot help students with
tutorial changes. Late enrolment into tutorials is handled by STOP 1.
More information on tutorial enrolments including late enrolments is available on the
University's website:
https://students.unimelb.edu.au/stop1
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Tutorial Classes
The tutorials are a fundamental component of the subject. They are designed to practice
skills covered during lectures in the previous week.
This semester some of the tutorial classes will be on campus in various computer labs while
others will be online (Zoom) in real time. For each tutorial students can download a detailed
tutorial handout from the subject website the previous week after the second lecture, i.e.
Wednesday 1pm. Students can also watch a video on the subject website before each
tutorial on how to use the R / RStudio software.
Every tutorial consists of two components.
PART A: Tutorial questions and exercises to be completed manually and/or with R / RStudio.
Detailed explanations, instructions and solutions are provided in the tutorial
handout to assist students to do these exercises in their own pace.
Students are expected to read the tutorial handout, to watch the corresponding
video on R / RStudio and to attempt the illustrative exercises before the tutorial
class, so that they can ask relevant questions and help if needed during their Zoom
tutorials. In addition, the tutors might discuss some additional practice exercises to
highlight the crucial points of the week.
PART B: Homework exercises and questions for assessment. They are similar to the Part A
exercises but they are organized as weekly Canvas Quizzes.
Students need to submit their answers to these exercises in the relevant Canvas
Homework Quiz by 10am on Wednesday of the next teaching week. They can do
so via the submission link that opens after the first lecture, i.e., at 5pm on Tuesday.
For example, the tutorial 1 HW is due by 10am August 3 and the submission link is
available from 5pm July 26.
The answer for each exercise must be typed in the corresponding box available in
the Quiz. If an exercise requires R, the relevant R / RStudio script and printout
must be inserted in the same Quiz box below the answer. Please note that
handwritten scanned answers and uploaded doc, docx, pdf, jpeg etc. files are not
accepted.
There will be 11 tutorial homeworks on weeks 1-11. The solution(s) for the week 1
homework exercise(s) is (are) to be submitted by 10am on Wednesday in week 2,
the solution(s) for the week 2 homework exercise(s) is (are) to be submitted by
10am on Wednesday in week 3, …, the solution(s) for the week 11 homework
exercise(s) is (are) to be submitted by 10am on Wednesday in week 12.
Private Tutoring Services
The Faculty has become increasingly concerned about the existence of a number of private
tutoring services operating in Melbourne that heavily target University of Melbourne students
enrolled in FBE subjects.
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Students are urged to show caution and exercise their judgement if they are considering
using any of these services, and to please take note of the following:
Any claim by any of these businesses that they have a “special” or “collaborative” or
“partnership” style relationship with the University or Faculty is false and misleading.
Any claim by a private tutoring service that they are in possession of, or can supply you
with, forthcoming University exam or assignment questions or “insider” or “exclusive”
information is also false and misleading.
The University has no relationship whatsoever with any of these services and takes these
claims very seriously as they threaten to damage the University’s reputation and undermine
its independence.
Note also, that it is inappropriate for students to provide course materials (including
University curricula, reading materials, lecture notes, tutorial handouts, exam and assignment
questions and answers) to operators of these businesses for the purposes of allowing them
to conduct commercial tutoring activities, or to any other businesses and websites. Doing so
may amount to misconduct and will be taken seriously. Those materials contain intellectual
property owned or controlled by the University.
We encourage you to bring to the attention of Faculty staff any behaviour or activity that is
not aligned with University expectations or policy as outlined above.
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Assessment
Assessment Overview
Your assessment for this subject comprises the following:
Assessment Task Due Weighting
First Assignment (individual or
pair)
10am on Monday 22 August 5%
Mid-semester online test
(individual)
Any time between 8am 29
August and 10am 31 August 5%
Second Assignment (individual
or pair)
10am on Monday 19 September 5%
Third Assignment (individual or
pair)
10am on Monday 17 October 5%
Tutorial Participation and
Homework Exercises
(individual)
Weekly (tutorial attendance and
participation and solutions for
the previous week’s homework
exercises uploaded in due time
on at least 10 weeks)
10%
3-hour end-of-semester exam
(individual)
Hurdle requirement: To pass
this subject student must pass
the end of semester
examination.
During the exam period 70%
Assessment Details
Assignments
Students are required to complete three assignments which make up 15% of the total marks.
The assignments will involve undertaking quantitative analyses using a calculator and/or the
R / RStudio software packages.
You can complete each assignment by yourself as an “individual assignment” or you can
form a group of 2 and submit a “group assignment”.
Students who wish to submit a group assignment have to form and register their own group
and both students in a group will receive the same mark. Group registration has a different
(i.e., earlier) deadline than the assignment itself. Assignment groups must be registered for
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each assignment separately even if the composition of the group does not change. Students
who fail to register their groups in due time must submit their own individual, i.e., substantially
different, assignments.
No marks will be allocated if a group assignment is submitted by a group of more than 2
students or if students submit the same assignment as individual assignments.
The assignments will be checked by Turnitin for plagiarism.
Assignment Submission
The assignments will be administered in Canvas. The solutions must be typed in a Word
document and together with the relevant R codes and printouts must be uploaded to Canvas
as a single PDF file.
Please note that you are required to keep a copy of your assignment after it has been
submitted as you must be able to produce it at the request of the teaching staff at any time
after the submission due date.
Late Submission and Extension
See the Assignment Extension paragraph in the Policy section of this document.
Mid-Semester Online Test
The mid-semester test will be held during week 6 of the semester. Students can undertake
the test at any time of their choosing between 8am 29 August and 10am 31 August
(Melbourne time). The test will be accessible online via the LMS. It will consist of 10 multiple
choice questions and 5 true or false question and there will be a time limit of 30 minutes to
complete the test.
The test will cover the material presented during the lectures up to the end of week 4 and the
tutorials up to the end of week 5, and the relevant prerequisites. Please be aware that the
test has a strict time limit and prepare accordingly. You will need to have critical value tables
for each of the distributions covered during the lectures. These tables are printed in Appendix
C of the Selvanathan textbook (see on the next page) and are provided on LMS too. You will
also need a calculator as some calculations may be required to answer certain questions.
Tutorial Participation and Homework Exercises
Tutorial participation and homeworks are worth 10% of the final assessment. To gain this
10% credit, students have to attend their tutorials, make genuine attempts to complete the
previous week’s homework exercises, and submit their solutions (including R printouts and R
codes where applicable) by 10am on Wednesday on at least 10 weeks.
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On any given week students get one tutorial mark only if they (i) attend the tutorial and (ii)
submit their solutions for the previous week tutorial homework exercises in the relevant
Canvas Homework Quiz by 10am on Wednesday. The only exception is the first tutorial
when the tutorial mark is for attendance only.
Late submissions or requests sent to the subject coordinator or to the tutors will not be
considered.
Students with a legitimate reason for not completing and submitting the homework exercises
in due time can request to have the tutorial mark for that week transferred to the exam by
applying for special consideration within a week of the tutorial class in question. For further
details on Special Consideration see the relevant paragraph in the Policy section of this
document.
End-of-Semester Exam
A 3-hour end of semester exam, worth 70% of the final grade for this subject, will cover all
the material covered during lectures and tutorials throughout the semester. During the exam
you will not be asked to use R / RStudio, but you will have to interpret printouts.
This exam will be conducted online during the University's normal end of semester
assessment period. The exact details will be provided by the University's administration later
in the semester.
Note: Late submissions within 30 minutes after the completion time will attract a 10% penalty
of the total maximum mark for the exam, and submissions 30 minutes after the completion
time will not be marked.
Hurdle requirement
You must pass the exam to successfully complete the subject.
Subject Resources
There is a prescribed textbook and a recommended text for this subject.
Prescribed Reference
W - Wooldridge, J.M., Wadud, M., Lye, J. and Joyeux R. (2021): Introductory Econometrics,
2nd Asia-Pacific Edition, Cengage Learning Australia.
This is the latest version of this textbook. In case you have the 1st edition, do not worry, it
will suffice, though chapter/section numbers, page numbers and exercise numbers might be
different.
Link to purchase this book: https://au.cengage.com/c/isbn/9780170439534/.
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Supplementary / Recommended Reading
S - Selvanathan, E.A., Selvanathan, S. and G. Keller (2021): Business Statistics, 8th edition,
Cengage Learning Australia.
This is the latest version of this textbook. In case you have the 7th edition, do not worry, it
will suffice, though chapter/section numbers, page numbers and exercise numbers might be
different. Note, however, that the abridged version of this textbook sold by some bookshops
is NOT the recommended text for QM2.
Link to purchase this book: https://au.cengage.com/c/isbn/9780170439527/.
You can get 10% discount by using the code WOW10 at the checkout on the Cengage
website.
In addition, comprehensive lecture slides will be provided on LMS in due time for all
topics.
Academic Integrity
Academic Honesty
The University maintains high academic standards in its courses and subjects and expects
students to conduct themselves in a manner which is fair, honest and consistent with the
principles of academic integrity, particularly when undertaking assessment and research.
http://academicintegrity.unimelb.edu.au/.
Referencing
Each source used for a written piece of assessment must be referenced. This is to
acknowledge that your material is not based entirely on your own ideas, but is based, in part,
on the ideas, information, and evidence of others. This is desirable as you are attending
University to learn from others.
It is important that all material you present for assessment is referenced correctly. Material
that has not been referenced correctly may be considered plagiarised, and as such may be
penalised. We will also look for evidence that material included in the bibliography has been
used in the assignment. Including references that have not been used may also result in your
assignment being penalised.
You will be required to use the APA system or Harvard System of referencing.
The Library provides advice on referencing (http://library.unimelb.edu.au/cite).
http://www.library.unimelb.edu.au/recite.
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The Academic Skills Unit has produced resources to assist students with referencing
https://services.unimelb.edu.au/academicskills/undergrads/top_resources
University Services
Timetable
MyTimetable is a class timetabling system that creates individual timetables for students
based on submitted class preferences, ensuring everyone has an equitable opportunity of
getting their preferred class timetable. You will use this system to create your class timetable
prior to each study period.
By following a preference-based model, students who have other commitments, such as
employment or carer responsibilities, or who are returning or living overseas during the
timetabling period, aren’t disadvantaged by their limited availability. When allocating class
timetables, MyTimetable also takes into consideration factors such as class size limits and
potential clashes to ensure all students are equally accommodated. Further information is
available on the web at https://students.unimelb.edu.au/admin/class-timetable
Stop 1: Connecting Students and Services
Stop 1 is here to provide you with a range of support services throughout your University
degree, from help with enrolment, administration and wellbeing to advice on building your
skills and experiences. https://students.unimelb.edu.au/stop1
Academic Skills
Academic Skills offers a range of workshops and resources to help you with study skills
including researching, writing and referencing, presentation skills and preparing for exams.
Visit their website via http://services.unimelb.edu.au/academicskills.
Service Finder
The University of Melbourne offers one of the most comprehensive student support
networks in Australia. Use this site to locate a wide range of services:
http://services.unimelb.edu.au/finder
Student Counselling
Students attend counselling to talk about personal, emotional, or mental health issues which
might be affecting their study and life. The University’s Counselling and Psychological
Services (CAPS) provides free, confidential, short-term professional counselling to currently
enrolled students and staff. See https://services.unimelb.edu.au/counsel/individual.
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Student Equity and Disability Support
Student Equity and Disability Support provides services for students who need ongoing
support with their studies. They understand that adjustments to learning and assessment
are sometimes required to allow all students to reach their full potential. Learn more about
the services provided, how to find support and how to register for assistance at
http://services.unimelb.edu.au/student-equity
University of Melbourne Library Services
As well as holding an extensive collection of books, ebooks, digital media and periodicals,
library staff provide research guidance and support for students. See
http://library.unimelb.edu.au/
These Business and Economics Library Guides have been designed specifically for Faculty
of Business and Economics staff and students. See
http://unimelb.libguides.com/sb.php?subject_id=80310
Policy
Assessment and Results Policy
The University’s assessment policy provides a framework for the design, delivery and
implementation of assessment of students in award and non-award courses and subjects.
Assessment is designed to contribute to high quality learning by students, and to allow for
quality assurance and the maintenance of high academic standards.
https://policy.unimelb.edu.au/MPF1326.
Assignment Extension
No late assignments are accepted, and no extensions will be given so that those who do
submit their assignments on time can get timely feedback. Students who have valid reasons
for not submitting an assignment can apply for special consideration to get the assignment
mark transferred to the final exam. Special consideration applications should be submitted
here: http://students.unimelb.edu.au/admin/special.
Exam Policy
The University requires that you are available for the entire examination period. Please see
the University's Principal Dates via https://www.unimelb.edu.au/dates for the full annual
calendar. Supplementary exams will not be provided in cases of absence during the
examination period unless the absence is due to serious illness or other serious
circumstances and a Special Consideration application is submitted and approved.
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Plagiarism and Collusion
Plagiarism (failure to cite your sources correctly and completely) and collusion (unauthorised
collaboration with another person to prepare an assessment task) are considered academic
misconduct and attract severe penalties. More information is available on the University’s
Academic Integrity website via http://go.unimelb.edu.au/rha6.
Special Consideration
As a student, you may experience extraordinary or unusual circumstances, or ongoing
circumstances that adversely affect your academic performance. The University has policies
in place to support students who are experiencing academic disadvantage. For more
information, visit http://students.unimelb.edu.au/admin/special.
Alternative Exam Arrangements (AEA)
The definition of and eligibility requirements for alternative exam arrangements (AEA) can be
found via http://students.unimelb.edu.au/admin/alternate.
Zoom - Student privacy
The University policy and guidelines on the privacy rights of students in Zoom meetings and
recordings and situations where an audio and video presence may be required can be read
here: https://lms.unimelb.edu.au/students/student-guides/zoom-student-privacy.
Consultations and Discussion Board
If you need assistance during the semester, ask your tutor during your tutorial class
and/or email to him/her. In addition, you have two options.
Online Consultation
During teaching period three members of the teaching staff, László Kónya, Chin Yong Quek
and Richard Hayes, will be available for Zoom consultations. The details of these Zoom
consultations can be found on the subject’s LMS website at Modules / Welcome /
Consultation Schedule.
Ed Discussion Board
The Ed Discussion Board is to facilitate online discussions in QM2 via the Canvas course
navigation menu. It will be operational from week 1 of the semester and on weekdays, the
teaching team will moderate the discussion board. The questions and answers can be
accessed by all students in the subject, allowing everyone to benefit from them. In addition,
Ed Discussion enables students to answer each other’s questions, and this is highly
16
encouraged. Even if you do not want to ask a question, you can still view existing questions
and answers.
Note that the Ed Discussion Board is not designed to replace the lectures and the
tutorials, but rather to complement them as a last resort. Nor is it intended to be a
substitute for thought or using your own brain power. You will learn more effectively if
you first make a conscientious effort to work things out for yourself. Simple questions
that can be answered by referring to the prescribed readings or the lecture slides will
not usually be answered.
When using the Ed Discussion Board, please adhere to the following.
1. Students must first check that their question has not already been answered on the
Discussion Board.
2. Questions should be short, with only one specific question in each posting. If you have
more than one question, use a separate posting for each one.
3. Questions must be specific. They should NOT be open ended, such as “I do not
understand what a t-test is. What is it?” If you do not understand some concepts, first
ask your tutor or the lecturer.
4. Do not ask for the solutions to tutorial questions or assignment questions, even after
they are completed. Detailed solutions to tutorial questions and assignment questions
will be made available on the LMS.
Further Information
Statistical Software
Students will be using the R / RStudio software packages to complete tutorial questions and
assignments. They can be downloaded and installed free of charge. You can find the
instructions for downloading and installing R and RStudio on a Windows computer in the
Tutorial 1 handout. If you have a Mac computer and have difficulty installing these software
packages on it, you might get help from Student IT at https://studentit.unimelb.edu.au/.
If you are not familiar with these packages, do not worry. Detailed R / RStudio instructions
with screen shots will be included in the tutorial materials.
Comparison of QM2 with Econometrics 1
This subject covers different material to that covered in ECOM20001 Econometrics 1. The
techniques covered in QM2 are more varied and are less focused on regression analysis.
There is still a significant proportion of QM2 devoted to regression analysis, but the statistical
techniques covered in QM2 provide a more general overview of techniques in addition to
regression. Specifically, QM2 includes an introduction to nonparametric methods, analysis of
variance, and chi-square tests for the analysis of frequencies that are typically not covered in
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Econometrics 1. Note that QM2 is not necessarily easier than ECOM20001. We cover a
larger breadth of material, but in less depth. In recognition of the complementary nature of
these subjects you may take both QM2 and Econometrics 1. You can learn more
econometrics in later years without doing Econometrics 1 by taking Basic Econometrics
(ECOM30001) in 3rd year. Students contemplating honours in Economics or Finance must
include ECOM20001 Econometrics 1 and ECOM30002 Econometrics 2 in their program.
Quantitative Methods 2
SUBJECT GUIDE
Semester 2, 2022
Prepared by
Dr László Kónya
l.konya@unimelb.edu.au
Department of Economics
Faculty of Business and Economics
2
Subject Outline
Introduction
Welcome to ECON20003, Quantitative Methods 2 (QM2). Having solid quantitative problem-
solving skills is essential for future careers in commerce. Learning these skills can be
challenging, but they are becoming crucial for success in business and economics. QM2
should not be a hard subject, but it does require the mastery of analytic skills, and thus it
necessitates your constant attention throughout the semester.
Subject Overview and Aims
The overall aim of this subject is to help you become proficient in the use of quantitative
techniques essential for analysis in business and economics. A wide range of skills will be
covered during the semester. On successful completion of the subject, you should be able to:
(a) Identify the correct technique to solve a particular quantitative problem,
(b) Implement each technique, and
(c) Interpret the results from these techniques.
You will use the skills you develop in QM2 in the business, economics, finance, marketing,
and management subjects you study during the remainder of your time at the University of
Melbourne, and, most importantly, later in the workplace.
Learning Outcomes
Learning Outcomes and Generic Skills
To view the subject objectives and the generic skills you will develop through successful
completion of this subject, please see the University Handbook:
https://handbook.unimelb.edu.au/2022/subjects/econ20003
Awareness Issues
At a broader level, studying this subject will increase your awareness and the breadth of
questions that are investigated within business and economics, the wide range of statistical
information that is publicly available, and the future subjects you can take to learn more
quantitative techniques.
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Eligibility and Requirements
To view the eligibility and requirements, including prerequisites, corequisites, recommended
background knowledge and core participation requirements for this subject, please see the
University Handbook:
https://handbook.unimelb.edu.au/subjects/econ20003/eligibility-and-requirements
Academic Staff Contact Details
Please see the subject LMS site for full contact details of the teaching staff in this subject.
Subject Coordinator and Lecturer Contact Details
Name: Dr László Kónya
Email: l.konya@unimelb.edu.au
Office: 460, 4th floor, FBE Building
Phone: 8344 0355
Consultation Hours: Wednesday 14:15 – 15:15 in my office or on Zoom (see the details on
LMS).
Email Protocol
Please note that we are only able to respond to student emails coming from a University
email address. Please do not use personal email addresses such as Yahoo, Hotmail or even
business email addresses. Emails from non-University email addresses may be filtered by
the University’s spam filter, which means that we may not receive your email. All
correspondence relating to this subject will only be sent to your University email address.
Note that you must first activate your University email address before you can send or
receive emails at that address. You can activate your email account at this link:
http://accounts.unimelb.edu.au/.
While academic staff endeavour to address queries received via email, it is more appropriate
to resolve substantive questions during the tutorials and/or via the Ed Discussion Board. With
this in mind, we encourage students to attend all lectures and tutorials and to follow the Ed
Discussion Board.
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Lectures
Lecture Times and Venues
ECON20003 is a dual delivery subject.
There are two one-hour lectures a week.
Tuesday 15:15 – 16:15 (The Spot-B01 - Copland Theatre)
Wednesday 12:00 – 13:00 (The Spot-B01 - Copland Theatre)
Lecture Schedule
Week Lecture (Date) Topic
Required Reading from
W 2nd ed. & S 8th ed.
1
1 (26 July)
2 (27 July)
Introduction and General
Information about Quantitative
Methods 2 (QM2)
Estimation and Hypothesis Testing
W: Ch 1-2, § 3.1-3.6, 3.8-
3.9
S: § 8.3, 9.3-9.4, 10.1-
10.3, 10.5, 12.1-12.4
2
3 (2 August)
4 (3 August)
Desirable Properties of Point
Estimators
Parametric and Nonparametric
Techniques
The Assumption of Normality
W: 3.7
S: § 10.1, Ch 20
Introduction
3
5 (9 August)
6 (10 August)
Comparing Two Population Means
or Central Locations with
Parametric and Nonparametric
Techniques
S: § 11.1-11.3, 13.1-13.2,
20.1-20.2
4
7 (16 August)
8 (17 August)
The Chi-Square, t and F
Distributions
Inferences about One or Two
Population Variances
Inferences about One or Two
Population Proportions
W: § 3.5
S: § 9.5, 10.4, 11.4, 12.6,
13.3, 14.1-14.2
Assignment 1 due in by 10am on Monday 22 August
5
5
9 (23 August)
10 (24 August)
Comparing Several Population
Means with One-Way Analysis of
Variance (ANOVA) Based on
Independent Samples and
Randomised Blocks
S: § 15.1, 15.3-15.4, 20.3
Mid-semester online test from 8am 29 August till 10am 31 August
6
11 (30 August)
12 (31 August)
Chi-Square Tests for the Analysis
of Frequencies
Measures of Association
W: § 3.4
S: § 5.4, 16.1-16.2, 16.4,
17.6
7
13 (6 September)
14 (7 September)
Linear Regression: Specification,
Estimation and Assessment
W: Ch 4-5, 6.1-6.3
S: § 17.1-17.4, 17.7, 18.1-
18.2
8
15 (13 September)
16 (14 September)
General F-test
Omitted and Irrelevant Variables
Alternative Functional Forms
Multicollinearity
W: § 6.6, 6.8, 7.1-7.3
S: § 17.5, 17.7, 18.1-18.2,
19.1
Assignment 2 due in by 10am on Monday 19 September
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17 (20 September)
18 (21 September)
Heteroskedasticity
Using the Sample Regression
Equation
Dummy Independent Variables in
Regression Models
W: § 5.3, 6.7, 8.1-8.2, 9.1-
9.3
S: § 17.5, 17.7, 18.3,
19.2-19.3
Mid-semester break from Friday 23 September to Sunday 2 October
10
19 (4 October)
20 (5 October)
Dummy Dependent Variable
Regression Models: Linear
Probability, Logit and Probit
Models
W: § 8.3-8.5, 8.7
S: App. 19.A
11
21 (11 October)
22 (12 October)
Cross-Sectional vs. Time-Series
Data
Regression Analysis with Time
Series Data
Autocorrelation
W: § 10.1-10.3, 11.1-11.2,
11.4
S: § 4.2, 18.4
6
Assignment 3 due in by 10am on Monday 17 October
12
23 (18 October)
24 (19 October)
Stationary and Non-Stationary
Processes
Spurious Regression
Dickey-Fuller Unit Root Tests
W: § 12.1-12.3
Lecture Slides
Lecture slides will be made available on LMS prior to each lecture. Students are encouraged
to read the slides and the relevant parts in the prescribed and/or the recommended textbook
before attending or watching each lecture. Be prepared to take some notes in lectures, as
some important explanations of the material might not be detailed on the slides.
Recorded Lectures
The lectures will be live-streamed Every teaching week of the semester the two one-hour
lectures will be recorded and made available on LMS right after the lectures, granted that
some technical problem does not prevent IT to do so. You can access the recorded lectures
by clicking on the Lecture Recordings (or similar) menu item on the LMS page for this
subject.
Please review the Lecture Capture Student Guides page for more information:
https://lms.unimelb.edu.au/support/guides/students/lecture-capture-student-guide.
Tutorials
Tutorials commence in the first week of semester (week beginning Monday 25 July).
Tutorial dates, times and locations can be found on the University timetable.
Enrolling in Tutorials
Students should enrol in tutorials via the Student Portal. After subject registration, students
are allocated to available classes. It is the students’ responsibility to ensure their registrations
produce a clash-free timetable. A change to your allocated tutorial time can only be made if
there is space in alternative tutorials. The tutors and the lecturer cannot help students with
tutorial changes. Late enrolment into tutorials is handled by STOP 1.
More information on tutorial enrolments including late enrolments is available on the
University's website:
https://students.unimelb.edu.au/stop1
7
Tutorial Classes
The tutorials are a fundamental component of the subject. They are designed to practice
skills covered during lectures in the previous week.
This semester some of the tutorial classes will be on campus in various computer labs while
others will be online (Zoom) in real time. For each tutorial students can download a detailed
tutorial handout from the subject website the previous week after the second lecture, i.e.
Wednesday 1pm. Students can also watch a video on the subject website before each
tutorial on how to use the R / RStudio software.
Every tutorial consists of two components.
PART A: Tutorial questions and exercises to be completed manually and/or with R / RStudio.
Detailed explanations, instructions and solutions are provided in the tutorial
handout to assist students to do these exercises in their own pace.
Students are expected to read the tutorial handout, to watch the corresponding
video on R / RStudio and to attempt the illustrative exercises before the tutorial
class, so that they can ask relevant questions and help if needed during their Zoom
tutorials. In addition, the tutors might discuss some additional practice exercises to
highlight the crucial points of the week.
PART B: Homework exercises and questions for assessment. They are similar to the Part A
exercises but they are organized as weekly Canvas Quizzes.
Students need to submit their answers to these exercises in the relevant Canvas
Homework Quiz by 10am on Wednesday of the next teaching week. They can do
so via the submission link that opens after the first lecture, i.e., at 5pm on Tuesday.
For example, the tutorial 1 HW is due by 10am August 3 and the submission link is
available from 5pm July 26.
The answer for each exercise must be typed in the corresponding box available in
the Quiz. If an exercise requires R, the relevant R / RStudio script and printout
must be inserted in the same Quiz box below the answer. Please note that
handwritten scanned answers and uploaded doc, docx, pdf, jpeg etc. files are not
accepted.
There will be 11 tutorial homeworks on weeks 1-11. The solution(s) for the week 1
homework exercise(s) is (are) to be submitted by 10am on Wednesday in week 2,
the solution(s) for the week 2 homework exercise(s) is (are) to be submitted by
10am on Wednesday in week 3, …, the solution(s) for the week 11 homework
exercise(s) is (are) to be submitted by 10am on Wednesday in week 12.
Private Tutoring Services
The Faculty has become increasingly concerned about the existence of a number of private
tutoring services operating in Melbourne that heavily target University of Melbourne students
enrolled in FBE subjects.
8
Students are urged to show caution and exercise their judgement if they are considering
using any of these services, and to please take note of the following:
Any claim by any of these businesses that they have a “special” or “collaborative” or
“partnership” style relationship with the University or Faculty is false and misleading.
Any claim by a private tutoring service that they are in possession of, or can supply you
with, forthcoming University exam or assignment questions or “insider” or “exclusive”
information is also false and misleading.
The University has no relationship whatsoever with any of these services and takes these
claims very seriously as they threaten to damage the University’s reputation and undermine
its independence.
Note also, that it is inappropriate for students to provide course materials (including
University curricula, reading materials, lecture notes, tutorial handouts, exam and assignment
questions and answers) to operators of these businesses for the purposes of allowing them
to conduct commercial tutoring activities, or to any other businesses and websites. Doing so
may amount to misconduct and will be taken seriously. Those materials contain intellectual
property owned or controlled by the University.
We encourage you to bring to the attention of Faculty staff any behaviour or activity that is
not aligned with University expectations or policy as outlined above.
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Assessment
Assessment Overview
Your assessment for this subject comprises the following:
Assessment Task Due Weighting
First Assignment (individual or
pair)
10am on Monday 22 August 5%
Mid-semester online test
(individual)
Any time between 8am 29
August and 10am 31 August 5%
Second Assignment (individual
or pair)
10am on Monday 19 September 5%
Third Assignment (individual or
pair)
10am on Monday 17 October 5%
Tutorial Participation and
Homework Exercises
(individual)
Weekly (tutorial attendance and
participation and solutions for
the previous week’s homework
exercises uploaded in due time
on at least 10 weeks)
10%
3-hour end-of-semester exam
(individual)
Hurdle requirement: To pass
this subject student must pass
the end of semester
examination.
During the exam period 70%
Assessment Details
Assignments
Students are required to complete three assignments which make up 15% of the total marks.
The assignments will involve undertaking quantitative analyses using a calculator and/or the
R / RStudio software packages.
You can complete each assignment by yourself as an “individual assignment” or you can
form a group of 2 and submit a “group assignment”.
Students who wish to submit a group assignment have to form and register their own group
and both students in a group will receive the same mark. Group registration has a different
(i.e., earlier) deadline than the assignment itself. Assignment groups must be registered for
10
each assignment separately even if the composition of the group does not change. Students
who fail to register their groups in due time must submit their own individual, i.e., substantially
different, assignments.
No marks will be allocated if a group assignment is submitted by a group of more than 2
students or if students submit the same assignment as individual assignments.
The assignments will be checked by Turnitin for plagiarism.
Assignment Submission
The assignments will be administered in Canvas. The solutions must be typed in a Word
document and together with the relevant R codes and printouts must be uploaded to Canvas
as a single PDF file.
Please note that you are required to keep a copy of your assignment after it has been
submitted as you must be able to produce it at the request of the teaching staff at any time
after the submission due date.
Late Submission and Extension
See the Assignment Extension paragraph in the Policy section of this document.
Mid-Semester Online Test
The mid-semester test will be held during week 6 of the semester. Students can undertake
the test at any time of their choosing between 8am 29 August and 10am 31 August
(Melbourne time). The test will be accessible online via the LMS. It will consist of 10 multiple
choice questions and 5 true or false question and there will be a time limit of 30 minutes to
complete the test.
The test will cover the material presented during the lectures up to the end of week 4 and the
tutorials up to the end of week 5, and the relevant prerequisites. Please be aware that the
test has a strict time limit and prepare accordingly. You will need to have critical value tables
for each of the distributions covered during the lectures. These tables are printed in Appendix
C of the Selvanathan textbook (see on the next page) and are provided on LMS too. You will
also need a calculator as some calculations may be required to answer certain questions.
Tutorial Participation and Homework Exercises
Tutorial participation and homeworks are worth 10% of the final assessment. To gain this
10% credit, students have to attend their tutorials, make genuine attempts to complete the
previous week’s homework exercises, and submit their solutions (including R printouts and R
codes where applicable) by 10am on Wednesday on at least 10 weeks.
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On any given week students get one tutorial mark only if they (i) attend the tutorial and (ii)
submit their solutions for the previous week tutorial homework exercises in the relevant
Canvas Homework Quiz by 10am on Wednesday. The only exception is the first tutorial
when the tutorial mark is for attendance only.
Late submissions or requests sent to the subject coordinator or to the tutors will not be
considered.
Students with a legitimate reason for not completing and submitting the homework exercises
in due time can request to have the tutorial mark for that week transferred to the exam by
applying for special consideration within a week of the tutorial class in question. For further
details on Special Consideration see the relevant paragraph in the Policy section of this
document.
End-of-Semester Exam
A 3-hour end of semester exam, worth 70% of the final grade for this subject, will cover all
the material covered during lectures and tutorials throughout the semester. During the exam
you will not be asked to use R / RStudio, but you will have to interpret printouts.
This exam will be conducted online during the University's normal end of semester
assessment period. The exact details will be provided by the University's administration later
in the semester.
Note: Late submissions within 30 minutes after the completion time will attract a 10% penalty
of the total maximum mark for the exam, and submissions 30 minutes after the completion
time will not be marked.
Hurdle requirement
You must pass the exam to successfully complete the subject.
Subject Resources
There is a prescribed textbook and a recommended text for this subject.
Prescribed Reference
W - Wooldridge, J.M., Wadud, M., Lye, J. and Joyeux R. (2021): Introductory Econometrics,
2nd Asia-Pacific Edition, Cengage Learning Australia.
This is the latest version of this textbook. In case you have the 1st edition, do not worry, it
will suffice, though chapter/section numbers, page numbers and exercise numbers might be
different.
Link to purchase this book: https://au.cengage.com/c/isbn/9780170439534/.
12
Supplementary / Recommended Reading
S - Selvanathan, E.A., Selvanathan, S. and G. Keller (2021): Business Statistics, 8th edition,
Cengage Learning Australia.
This is the latest version of this textbook. In case you have the 7th edition, do not worry, it
will suffice, though chapter/section numbers, page numbers and exercise numbers might be
different. Note, however, that the abridged version of this textbook sold by some bookshops
is NOT the recommended text for QM2.
Link to purchase this book: https://au.cengage.com/c/isbn/9780170439527/.
You can get 10% discount by using the code WOW10 at the checkout on the Cengage
website.
In addition, comprehensive lecture slides will be provided on LMS in due time for all
topics.
Academic Integrity
Academic Honesty
The University maintains high academic standards in its courses and subjects and expects
students to conduct themselves in a manner which is fair, honest and consistent with the
principles of academic integrity, particularly when undertaking assessment and research.
http://academicintegrity.unimelb.edu.au/.
Referencing
Each source used for a written piece of assessment must be referenced. This is to
acknowledge that your material is not based entirely on your own ideas, but is based, in part,
on the ideas, information, and evidence of others. This is desirable as you are attending
University to learn from others.
It is important that all material you present for assessment is referenced correctly. Material
that has not been referenced correctly may be considered plagiarised, and as such may be
penalised. We will also look for evidence that material included in the bibliography has been
used in the assignment. Including references that have not been used may also result in your
assignment being penalised.
You will be required to use the APA system or Harvard System of referencing.
The Library provides advice on referencing (http://library.unimelb.edu.au/cite).
http://www.library.unimelb.edu.au/recite.
13
The Academic Skills Unit has produced resources to assist students with referencing
https://services.unimelb.edu.au/academicskills/undergrads/top_resources
University Services
Timetable
MyTimetable is a class timetabling system that creates individual timetables for students
based on submitted class preferences, ensuring everyone has an equitable opportunity of
getting their preferred class timetable. You will use this system to create your class timetable
prior to each study period.
By following a preference-based model, students who have other commitments, such as
employment or carer responsibilities, or who are returning or living overseas during the
timetabling period, aren’t disadvantaged by their limited availability. When allocating class
timetables, MyTimetable also takes into consideration factors such as class size limits and
potential clashes to ensure all students are equally accommodated. Further information is
available on the web at https://students.unimelb.edu.au/admin/class-timetable
Stop 1: Connecting Students and Services
Stop 1 is here to provide you with a range of support services throughout your University
degree, from help with enrolment, administration and wellbeing to advice on building your
skills and experiences. https://students.unimelb.edu.au/stop1
Academic Skills
Academic Skills offers a range of workshops and resources to help you with study skills
including researching, writing and referencing, presentation skills and preparing for exams.
Visit their website via http://services.unimelb.edu.au/academicskills.
Service Finder
The University of Melbourne offers one of the most comprehensive student support
networks in Australia. Use this site to locate a wide range of services:
http://services.unimelb.edu.au/finder
Student Counselling
Students attend counselling to talk about personal, emotional, or mental health issues which
might be affecting their study and life. The University’s Counselling and Psychological
Services (CAPS) provides free, confidential, short-term professional counselling to currently
enrolled students and staff. See https://services.unimelb.edu.au/counsel/individual.
14
Student Equity and Disability Support
Student Equity and Disability Support provides services for students who need ongoing
support with their studies. They understand that adjustments to learning and assessment
are sometimes required to allow all students to reach their full potential. Learn more about
the services provided, how to find support and how to register for assistance at
http://services.unimelb.edu.au/student-equity
University of Melbourne Library Services
As well as holding an extensive collection of books, ebooks, digital media and periodicals,
library staff provide research guidance and support for students. See
http://library.unimelb.edu.au/
These Business and Economics Library Guides have been designed specifically for Faculty
of Business and Economics staff and students. See
http://unimelb.libguides.com/sb.php?subject_id=80310
Policy
Assessment and Results Policy
The University’s assessment policy provides a framework for the design, delivery and
implementation of assessment of students in award and non-award courses and subjects.
Assessment is designed to contribute to high quality learning by students, and to allow for
quality assurance and the maintenance of high academic standards.
https://policy.unimelb.edu.au/MPF1326.
Assignment Extension
No late assignments are accepted, and no extensions will be given so that those who do
submit their assignments on time can get timely feedback. Students who have valid reasons
for not submitting an assignment can apply for special consideration to get the assignment
mark transferred to the final exam. Special consideration applications should be submitted
here: http://students.unimelb.edu.au/admin/special.
Exam Policy
The University requires that you are available for the entire examination period. Please see
the University's Principal Dates via https://www.unimelb.edu.au/dates for the full annual
calendar. Supplementary exams will not be provided in cases of absence during the
examination period unless the absence is due to serious illness or other serious
circumstances and a Special Consideration application is submitted and approved.
15
Plagiarism and Collusion
Plagiarism (failure to cite your sources correctly and completely) and collusion (unauthorised
collaboration with another person to prepare an assessment task) are considered academic
misconduct and attract severe penalties. More information is available on the University’s
Academic Integrity website via http://go.unimelb.edu.au/rha6.
Special Consideration
As a student, you may experience extraordinary or unusual circumstances, or ongoing
circumstances that adversely affect your academic performance. The University has policies
in place to support students who are experiencing academic disadvantage. For more
information, visit http://students.unimelb.edu.au/admin/special.
Alternative Exam Arrangements (AEA)
The definition of and eligibility requirements for alternative exam arrangements (AEA) can be
found via http://students.unimelb.edu.au/admin/alternate.
Zoom - Student privacy
The University policy and guidelines on the privacy rights of students in Zoom meetings and
recordings and situations where an audio and video presence may be required can be read
here: https://lms.unimelb.edu.au/students/student-guides/zoom-student-privacy.
Consultations and Discussion Board
If you need assistance during the semester, ask your tutor during your tutorial class
and/or email to him/her. In addition, you have two options.
Online Consultation
During teaching period three members of the teaching staff, László Kónya, Chin Yong Quek
and Richard Hayes, will be available for Zoom consultations. The details of these Zoom
consultations can be found on the subject’s LMS website at Modules / Welcome /
Consultation Schedule.
Ed Discussion Board
The Ed Discussion Board is to facilitate online discussions in QM2 via the Canvas course
navigation menu. It will be operational from week 1 of the semester and on weekdays, the
teaching team will moderate the discussion board. The questions and answers can be
accessed by all students in the subject, allowing everyone to benefit from them. In addition,
Ed Discussion enables students to answer each other’s questions, and this is highly
16
encouraged. Even if you do not want to ask a question, you can still view existing questions
and answers.
Note that the Ed Discussion Board is not designed to replace the lectures and the
tutorials, but rather to complement them as a last resort. Nor is it intended to be a
substitute for thought or using your own brain power. You will learn more effectively if
you first make a conscientious effort to work things out for yourself. Simple questions
that can be answered by referring to the prescribed readings or the lecture slides will
not usually be answered.
When using the Ed Discussion Board, please adhere to the following.
1. Students must first check that their question has not already been answered on the
Discussion Board.
2. Questions should be short, with only one specific question in each posting. If you have
more than one question, use a separate posting for each one.
3. Questions must be specific. They should NOT be open ended, such as “I do not
understand what a t-test is. What is it?” If you do not understand some concepts, first
ask your tutor or the lecturer.
4. Do not ask for the solutions to tutorial questions or assignment questions, even after
they are completed. Detailed solutions to tutorial questions and assignment questions
will be made available on the LMS.
Further Information
Statistical Software
Students will be using the R / RStudio software packages to complete tutorial questions and
assignments. They can be downloaded and installed free of charge. You can find the
instructions for downloading and installing R and RStudio on a Windows computer in the
Tutorial 1 handout. If you have a Mac computer and have difficulty installing these software
packages on it, you might get help from Student IT at https://studentit.unimelb.edu.au/.
If you are not familiar with these packages, do not worry. Detailed R / RStudio instructions
with screen shots will be included in the tutorial materials.
Comparison of QM2 with Econometrics 1
This subject covers different material to that covered in ECOM20001 Econometrics 1. The
techniques covered in QM2 are more varied and are less focused on regression analysis.
There is still a significant proportion of QM2 devoted to regression analysis, but the statistical
techniques covered in QM2 provide a more general overview of techniques in addition to
regression. Specifically, QM2 includes an introduction to nonparametric methods, analysis of
variance, and chi-square tests for the analysis of frequencies that are typically not covered in
17
Econometrics 1. Note that QM2 is not necessarily easier than ECOM20001. We cover a
larger breadth of material, but in less depth. In recognition of the complementary nature of
these subjects you may take both QM2 and Econometrics 1. You can learn more
econometrics in later years without doing Econometrics 1 by taking Basic Econometrics
(ECOM30001) in 3rd year. Students contemplating honours in Economics or Finance must
include ECOM20001 Econometrics 1 and ECOM30002 Econometrics 2 in their program.
