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Statistics and Econometrics : - ( Introduction ) - 1. Statistics is about analysing data, econometrics is the application of statistical methods to economic data. |
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Econometrics : - ( Functions and methodology ) - 2. • The first function of Econometrics is to test out economic theories or hypotheses laid out by the coveted econometricians. For example, is consumption directly related to income? Is the quantity demanded of a certain commodity inversely related to its price? |
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Econometrics : - ( Functions and methodology ) - 2 • The first function of Econometrics is to test out economic theories or hypotheses laid out by the coveted econometricians. For example, is consumption directly related to income? Is the quantity demanded of a certain commodity inversely related to its price? |
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Econometrics : - ( Various stages of econometrics research ) - 3. Statistics is about analysing data, econometrics is the application of statistical methods to economic data. |
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Statistics : - ( Descriptive statistics ; Introduction ) - 4. Descriptive statistics refers to a set of methods used to summarize and describe the main features of a dataset, such as its central tendency, variability, and distribution. These methods provide an overview of the data and help identify patterns and relationships. |
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Econometrics : - ( Econometry, Regression analysis and Error terms ) - 5 Econometrics uses economic theory, mathematics, and statistical inference to quantify economic phenomena. In other words, it turns theoretical economic models into useful tools for economic policymaking. |
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Statistics and Econometrics : - ( Measure of central tendency ) - 6. A measure of central tendency is a single value that attempts to describe a set of data by identifying the central position within that set of data. As such, measures of central tendency are sometimes called measures of central location. They are also classed as summary statistics. The mean (often called the average) is most likely the measure of central tendency that you are most familiar with, b |
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Statistics and Econometrics : - ( Measure of central tendency ) - 7. A measure of central tendency is a single value that attempts to describe a set of data by identifying the central position within that set of data. As such, measures of central tendency are sometimes called measures of central location. They are also classed as summary statistics. The mean (often called the average) is most likely the measure of central tendency that you are most familiar with, b |
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Statistics and Econometry : - ( Mean, Median and Mode; Solving problems ) - 8. Mean is the average of all of the numbers. Median is the middle number, when in order. Mode is the most common number. Range is the largest number minus the smallest number. |
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Statistics and Econometrics : - ( Measure of dispersion ) - 9. Dispersion in statistics is a way of describing how to spread out a set of data is. Dispersion is the state of data getting dispersed, stretched, or spread out in different categories. It involves finding the size of distribution values that are expected from the set of data for the specific variable. The meaning of dispersion in statistics is “numeric data that is likely to vary at any instance o |
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Statistics and Econometrics : - ( Merits and demerits of Mean, Median and Mode ) - 10. Mean, median, and mode are three common measures of central tendency used in statistics. The mean is the arithmetic average of a set of numbers, calculated by adding all the values together and dividing by the number of values. The median is the middle value in a set of numbers, or the average of the two middle values if there is an even number of values. The mode is the most frequently occurring |
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Statistics and Econometrics : - ( Variance and standard deviation ) - 11. Standard deviation is the spread of a group of numbers from the mean. The variance measures the average degree to which each point differs from the mean. While standard deviation is the square root of the variance, variance is the average of all data points within a group. |
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Statistics and Econometrics : - ( Shape of frequency distribution ) - 12. Frequency distribution can have two different shapes: Symmetric or asymmetric distribution. Asymmetric distribution can be positively skewed and negatively skewed distribution. When the data values are evenly distributed about the mean, a distribution is said to be a symmetric distribution. |
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Statistics and Econometry : - ( Covariance and Correlation ) - 13. In statistics and probability theory, covariance deals with the joint variability of two random variables: x and y. Generally, it is treated as a statistical tool used to define the relationship between two variables. In this article, covariance meaning, formula, and its relation with correlation are given in detail. |
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Statistics and Econometrics : - ( Probability of single event ) - 14 The probability of simple events is finding the probability of a single event occurring. When finding the probability of an event occurring, we will use the formula: number of favorable outcomes over the number of total outcomes. |
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Statistics and Econometrics : - ( Probability of multiple events ) - 15. The probability of multiple events measures the likelihood that two or more events occur at the same time. We sometimes lookout for the probability of when one or two outcomes happen and whether these outcomes overlap each other. |
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Statistics and Econometrics : - ( Probability of multiple events ) - 16 A "standard" deck of playing cards consists of 52 Cards in each of the 4 suits of Spades, Hearts, Diamonds, and Clubs. Each suit contains 13 cards: Ace, 2, 3, 4, 5, 6, 7, 8, 9, 10, Jack, Queen, King. Modern decks also usually include two Jokers. |
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Statistics and Econometrics : - ( Probability of multiple events ) - 17. The probability of multiple events measures the likelihood that two or more events occur at the same time. We sometimes lookout for the probability of when one or two outcomes happen and whether these outcomes overlap each other. |
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