Using Data to Make Better
Decisions
Econ 226: Using Economic
Data
Vancouver School of
Economics
Chapter 1
By the end of this class you will be able
to:
Explain how and why we use samples
rather than populations to answer
questions.
Name two types of studi
Calculating
Probabilities
Econ 226
Vancouver School of Economics
By the end of this lecture you
will be able to:
1.Explain how economists use
probabilities.
2.Understand the difference between
exogenous and endogenous.
3.Calculate the following:
Joint pro
Making Decisions with a Single
Sample
Econ 226: Using Economic
Data
Vancouver School of
Economics
By the end of this lecture you will be able to:
1. Explain what is meant by formal hypothesis
testing
2. Make decisions about the Population
Proportion
3. Ma
Using Graphs to Describe
Data
E C O N 2 2 6 : U S I N G E C O N O M I C D ATA
VA N C O U V E R S C H O O L O F E C O N O M I C S
By the end of this lecture you will be
able to:
1. Identify the different types of data.
2. Distinguish between quantitative a
Confidence Intervals
Econ 226: Using Economic
Data
Vancouver School of
Economics
By the end of this lecture you will be
able to:
1. Estimate a population proportion.
2. Estimate a population mean.
3. Decide on the appropriate sample size
to estimate a pop
Probability
Distributions
Econ 226
Vancouver School of
Economics
By the end of the lecture you
will be able to:
1. Determine the difference between a
discrete and continuous random
variable and identify their
probability distributions.
2. Calculate binomi
Using Numbers to Describe
Data
ECON 226: USING ECONOMIC DATA
VANCOUVER SCHOOL OF ECONOMICS
By the end of this lecture you will be
able to:
Define and calculate the following descriptive
statistics:
1. Mean
2. Median
3. Mode
4. Range
5. Standard Deviation
Using Sampling
Distributions to Make
Decisions
Econ 226
Vancouver School of Economics
By the end of the lecture you
will be able to:
1. Understand the intuition behind
statistical inference.
2. Use probability calculations and
distributions to make conclu
How Economists Use Data
Econ 226: Using Economic Data
Vancouver School of Economics
By the end of this lecture you
will be able to:
1. Explain how economists use data to
answer research questions.
2. Name at least three different methods
that economists u
Assignment Two
Econ 226: Making Sense of Economic Data
Winter 2016
Please submit your completed assignment at the beginning of your lab on February 1th,
assignments submitted after the lab has begun will be marked as late.
The purpose of this assignment i
Assignment One
Econ 226: Making Sense of Economic Data
Winter 2016
Please submit your completed assignment at the beginning of your lab on January
18th. Assignments submitted once the lab has begun will be considered late and be
given a grade of zero.
For
Chapter 30 Vital Laws to Economics
Law of diminishing returns
as the quantity of one input increases with the quantities of all if a
given number of hours of labour use more capital, the additional
output that results from the additional capital gets sma
Chapter 22 Limitations of GDP
Real GDP Fluctuations

Business Cycle
 Business cycle: a periodic but irregular up and down movement of total
production and other measures of economic activity
 Isnt predictable but has two phases, expansion and recessio