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1-14-09

# 1-14-09 - Economic Statistics 2 Class Notes How do we...

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Economic Statistics 2 – Class Notes – 1/14/09 How do we quantify relationships? The first part of this course – we will go back to the intro class material and review the most important information (key elements). The key elements in this course will be the key elements covered in future courses. Averages are extremely important The second exam is tricky – watch out! The pages numbers match his notes almost exactly o Selected elements will be taken from the textbook NOTES: I. Introduction A. Statistics – The use of information contained in sample statistics to draw inferences about population parameters. Samples should be taken at random (a random sample) so that it is representative. Margin of error – a measure of spread or variance of the data Population – the set of all values under consideration Sample – A subset of a population o For our purposes, samples are random or representative Parameter – A numerical characteristic of a population.

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1-14-09 - Economic Statistics 2 Class Notes How do we...

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