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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 Winter '09
 Ogwang
 Econometrics

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