ECON 2P91_Learning_Outcomes

# ECON 2P91_Learning_Outcomes - ECON 2P91 Business...

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ECON 2P91: Business Econometrics with Applications Fall 2009 LEARNING OUTCOMES FOR TOPICS GIVEN IN THE COURSE OUTLINE Chapter 1: Economic Questions and Data The student should be able to 1. Explain what econometrics is about 2. Identify types of questions handled in econometric analysis (in econometrics these questions require quantitative answers) 3. Distinguish between experimental data (popular in the physical sciences) and observational data (that characterizes most economic relationships) 4. Distinguish between cross section data, time series data, and panel data 5. Understand why correlation does not necessarily imply causality Chapter 2: Review of Probability The student should be able to 1. Distinguish between a random variable and a probability distribution (both discrete and continuous) 2. Calculate and interpret the expected value (i.e. the mean), variance, and standard deviation of a discrete probability distribution. 3. Interpret the covariance and correlation between two random variables 4. Understand basic features of the normal, Chi square, and F distributions and how to read the appropriate tables 5. Explain what a sampling distribution is and the properties of the sampling distribution of the mean 6. Understand the connection between sampling distribution with the concepts of population and sample 7. Understand large sample approximations to sampling distributions (i.e. the Law of Large Numbers and the Central Limit Theorem) Chapter 3: Review of Statistics The student should be able to 1. Distinguish between an estimator and an estimate 2. Know how to construct a confidence interval and test hypotheses concerning a single

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ECON 2P91_Learning_Outcomes - ECON 2P91 Business...

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