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Quantitative Reasoning What Is It? Calculation • Formulas • Numbers Estimation • Check assumptions • Reasonable results Application • Judgements based on data/formulas • Appied to a variety of situations • Understands concepts and results in mathematical forms Interpetation • Explains results with graphs and tables Representation Communication • Expressing a solution so that an audience understands what the solution means Calculation • This involves moving from concepts to numbers and back. • For instance, the wage elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. • Looking at a table of numbers showing quantity demanded and price, can you calculate the price elasticity of demand? Estimation / reasonableness checks • Consistently checks calculated answers for reasonableness; makes good assumptions for estimation problems that involve unknown quantities; performs reality checks on numbers reported by others • For instance, would it be reasonable to assume that if minimum wages were to rise by 50% that teenage employment would go down by 80%? Application / Analysis • Ability to make judgments based on quantitative analysis of data • For instance, if the wage elasticity of demand for teenage labor is -0.2 and the minimum wage is raised from $10 to $15, what will be the effect on the employment of teenagers? Interpretation • Ability to explain information presented in a mathematical form – In this course we will downplay equations and emphasize graphs, diagrams and tables. Representation • Ability to convert relevant information into various mathematical forms—primarily graphs and tables. Communication • Expressing a solution so that an audience understands what the solution means • In class discussion or presentations, can you (for instance) explain the concept of wage elasticity of demand, apply it to the question of teenage employment in fast food restaurants and explain the effect of an increase or decrease in the minimum wage?