PRINCIPLES OF
MICROECONOMICS
Professor Karen Leppel
Widener University
P
D
S
Q
Resource
Utilization
Economics:
The study of the allocation
of scarce resources.
The Economic Problem:
How do we use scarce resources to best
satisfy unlimited human wants?
To
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
rs
correlation with the same sort of data for which
is useful. That is, if at
least ordinal measurement of both X and Y variable
*Collection of
Data
Measurement. Methods of Collection.
Sampling Methods.
*
*Blue & Green are
common favorite colors
for both men and
women
*Purple is commonly a
favorite color among
women but is commonly
a least favorite color
among men.
*
*
http:/blog.k
BASIC PROBABILITY
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
stat
INTRODUCTION
STAT 101
MOTIVATION
UNDERSTANDING
THE STATE
STATISTICS BEFORE:
Statistics
latin word Status meaning state.
Science of dealing with data
about the condition of a state or
community.
STATISTICS BEFORE:
STATISTICS BEFORE:
STATISTICS BEFORE
Fil
PRESENTATION OF
DATA
PRESENTATION OF DATA
HOW TO
COMMUNICATE YOUR
DATA?
Present interpretation and
results of analysis
HOW TO
COMMUNICATE WITH
YOUR DATA?
Reveal patterns and
understand special
features in the data
Different Modes of Presenting Data
Te
Measures of
Dispersion
How varied are the values in the
Data?
Compute the Mean of the
following Arrays:
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
SKEWNESS, KURTOSIS,
BOXPLOT
Its all about shapes.
SKEWNESS
Symmetry of Distribution
MOTIVATION:
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
SAMPLING METHODS
Probability
Sampling.
NonProbability
Sampling
WHEN/WHY DO WE USE SAMPLING?
WHY DO SAMPLING?
It is more economical.
It requires less time in accomplishing a
study.
It allows wider scope for the study.
Results in a sample can even be more
a
MEASURES OF
LOCATION
MOTIVATION
To locate an upper bound to a
www.company.com
percentage of observations.
To identify the relative position
of the values in an array. Is it
relatively high/low?
i.e. 50% of the observations
are less than or equal to the
m
MEASURES OF CENTRAL
TENDENCY
Notations
( )
Notations
Summation notation
= 1 + 2 + 3 + + 1 +
=1
=
1 = ( )
Notations
Data on variable X and Y
i
1
2
3
4
5
Organization of
Data
Raw Data. Array. Frequency Distribution. Stem-and-Leaf Display
Organization of Data
Raw 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