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Unformatted text preview: ECON321(Economics Statistics) Final Study Guide Probability P (A  B ) Conditional Probability (the probability of A given B) P (A  B) = P ( A B ) P ( B ) Union (both probabilities) Intersect (where they overlap) 1 2 Discrete Probability Distribution Probability Function / Distribution (understand which each means) Discrete = exact number value Continuous = interval value Expected Value (or mean) is a measure of central location for a random variable. Variance is used to measure variability in data Standard Deviation ( ) the positive square root of the variance Binomial Probability Distribution 3 Binomial Probability Function Expected value for binomial distribution equals the mean ( ) NO POISSON & NO HYPER GEOMETRIC DISTRIBUTIONS! END OF CH.5 4 Chapter 6, Continuous Probability Distributions Probability density function (instead of probability function w/ discrete variables) Normal Probability Distribution Function for Normal Distributions (on test, you will standardize so just understand the formula and terms, and remember to standardize on the exam) 5 *********************************** NOT ON TEST********************************** Standard Normal DistributionMean ( ) =0 and a Standard Deviation ( ) =1 (look at z table for values) How to standardize (REMEMBER THIS! NOT ON FORMULA SHEET!) 6 Example of how to standardize and how to interpret the curve information. X 2 , t , and F tests all later to come Chapter 7 Sampling and Sampling Distributions Parameters numerical characterics of a population such as mean, standard deviation, variance etc 7 Sample Statistic estimated value of a population parameter, computed by taking corresponding parameters from the sample. Sample Mean (x bar ), Population (p), sample population (pbar), mean ( ) Examples of each Sampling Distribution Probability distribution of xbar is the sampling distribution of xbar Pbar is the sample proportion (of probability) 8 Unbiased  When the expected value of a point estimator equals the population parameter 9 ***************** ABOVE FORMULAS WILL BE ON FORMULA SHEET...
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This note was uploaded on 02/23/2011 for the course ECON 321 taught by Professor Gandhi during the Spring '08 term at Maryland.
 Spring '08
 GANDHI
 Economics

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