Professor Karen Leppel
The study of the allocation
of scarce resources.
The Economic Problem:
How do we use scarce resources to best
satisfy unlimited human wants?
PROBLEM SET # 1
Part I Identify each of the following as a statement or not a statement.
a. The house is red.
b. Joan is not at home.
c. n+3 = 7 d. 6+2 = 7
Part II Give the negation for each of the following statements.
a. I like school
b. No one is happy
KENDALL RANK-ORDER CORRELATION COEFFICIENT Txy
The Kendall rank-order correlation coefficient T xy is suitable as a measure of
correlation with the same sort of data for which
is useful. That is, if at
least ordinal measurement of both X and Y variable
Measurement. Methods of Collection.
*Blue & Green are
common favorite colors
for both men and
*Purple is commonly a
favorite color among
women but is commonly
a least favorite color
Introduction and Concepts
Introduction to Probability Theory
Interest on the results of games of chance
started the mathematical study of probability
Probability has an important role in the
development of the field of inferential
latin word Status meaning state.
Science of dealing with data
about the condition of a state or
PRESENTATION OF DATA
Present interpretation and
results of analysis
Reveal patterns and
features in the data
Different Modes of Presenting Data
How varied are the values in the
Compute the Mean of the
ARRAY 1: 1,1,2,2,3,3,4,4,5,5,6,6
ARRAY 2: 1,1,1,1,1,1,6,6,6,6,6,6
ARRAY 3: 0,0,1,1,1,1,5,6,6,7,7,7
ARRAY 4: 1,2,2,3,3,3,4,4,4,5,5,6
All of the Arra
Its all about shapes.
Symmetry of Distribution
In both histograms, the mean is 6 and the
variance is roughly around 8.7. But, the shape
of distribution of values are not necessarily the
same. Hence, the mea
WHEN/WHY DO WE USE SAMPLING?
WHY DO SAMPLING?
It is more economical.
It requires less time in accomplishing a
It allows wider scope for the study.
Results in a sample can even be more
To locate an upper bound to a
percentage of observations.
To identify the relative position
of the values in an array. Is it
i.e. 50% of the observations
are less than or equal to the
Raw Data. Array. Frequency Distribution. Stem-and-Leaf Display
Organization of Data
The set of data in its original form
Not organized in any manner and recorded in
the order observed
Commonly referred to as ungrouped dat