"Correlation is not causation" is a statistics mantra. It is drilled, military school-style, into
every budding statistician. But what does it actually mean? Well, correlation is a measure of how
closely related two things are. Think of it as a number des
Yes, I have experienced the deception of descriptive statistics. Descriptive statistics are
brief descriptive coefficients that summarize a given data set, which can be either a
representation of the entire population or a sample of it. Descriptive statis
It is important to be trustworthy in a business because individuals will believe a man who
has a reputation of being straightforward, dependable, and mindful. Deceptive nature can easily
tarnish that reputation and can undoubtedly be tarnished, such that
The shape of a typical firms short-run and long-run ATC curves may in fact be identical.
But there are some very important differences to understand about the short-run costs and longrun costs faced by firms.
The Short-Run: In microeconomics, we define th
The idea behind the chi-square goodness-of-fit test is to see if the sample comes from the
population with the claimed distribution. Another way of looking at that is to ask if the frequency
distribution fits a specific pattern. Two values are involved, a