Econ 41 notes - Econ 41 Stats(pg 1 Class 1 Aspects o...

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Class 1: Aspects: o Theoretical statistics – development, derivation, proof of statistical theorems, laws, formulas, and rules. i.e. – the Law of Large Numbers o Applied statistics – application of these rules, laws, etc. to solve real- world problems i.e. – how does education affect the level of income?; how effective is a certain drug in preventing an illness?) Types: o Descriptive statistics – consists of methods for organizing, displaying and describing data by using tables, graphs, and summary measures i.e. – What was the average height and salary of NBA players in 2005? o Inferential statistics – consists of methods that use sample results to help make decisions or predictions about a population i.e. – a survey being taken of a group of workers at a company and those figures being applied to the population while taking into account the margin of error. Population – consists of all elements (i.e. individuals, firms) whose characteristics are being studied
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