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# 9FA2 - 1 Econ 180 Assignment 2 1 The primary theme of...

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Econ. 180. Assignment 2. 1. The primary theme of statistics is Inferential Statistics , i.e., we utilize sample data to make estimates , decisions , predictions and other generalization about a large set of population data . To see how this is accomplished more easily, we could try to understand the relationship between population and sample . A relationship becomes clearer if we reverse the statistical procedure of making inferences from sample to population . That is, assume that the population is known and calculate the chances (probability) of obtaining various samples from the population. Thus, we should study probability because probability is the reverse of inferential statistics , i.e., we use the population information to infer the probability nature of the sample. 2. Some important concepts related to the theory of probability are: (a) D(definition): An experiment is an act or process of observation that leads to a single outcome that can not be predicted with certainty . (b) D: A sample point is the most basic outcome of an experiment.

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9FA2 - 1 Econ 180 Assignment 2 1 The primary theme of...

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