1. Quantitative Reasoning What Is It?

2. Calculation
Formulas
Numbers
Estimation
Check assumptions
Reasonable results
Application
Judgements based on data/formulas
Appied to a variety of situations
Interpetation
Understands concepts and results in mathematical forms
Representation
Explains results with graphs and tables
Communication
Expressing a solution so that an audience understands what the solution means

3. 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?

4. 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%?

5. 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?

6. Interpretation
Ability to explain information presented in a mathematical form
In this course we will downplay equations and emphasize graphs, diagrams and tables.

7. Representation
Ability to convert relevant information into various mathematical forms—primarily graphs and tables.

8. 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?