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Econ 41
Ekaterini Kyriazidou
UCLA
Statistics for Economists
Class 1
What is Statistics?
• Numerical facts
E.g., the price of World Series Ticket in 1918 was $3.30 and in 2004 $140.
• Field or discipline of study.
: It consists of a group of methods used to collect, analyze, present and interpret data and
to make decisions.
E.g., using the 2003 Statistical Abstract of the US, the newspaper USA Today
made the prediction that the average American will spend on average 1,669
hours or about 70 days watching TV in 2004.
Aspects of Statistics
• Theoretical Statistics  development, derivation, proof of statistical theorems, laws,
formulas, rules.
E.g. The Law of Large Numbers says that the sample average converges to the
population average in infinitely large samples.
• Applied Statistics  application of these rules, laws, etc. to solve realworld problems.
E.g. How does one’s education level affect one’s income?
How does smoking affect the likelihood of lung cancer?
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 Fall '07
 Guggenberger

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