1. Review of standard deviation
2. z-score
3. Quantile:percentile or quartile
Example 6: Calculate the sample variance and sample standard deviation for the data
set: x= (3.7, 3.3, 3.3, 3.0, 3.0, 3.0, 3.0, 2.7, 2.7, 2.3)
xbar= (3.7+ 3.3+3.3+ 3.0+ 3.0+ 3.0
Slide 01 : Probability
AECO 320 : Economic Statistics
1 / 46
Preview
I Two common ways of describing data
I
Probability (this chapter)
I
Average and others
I Textbook chapters: 1 and 6-1
2 / 46
What is Probability?
I
Probability
of an
event
is:
I the prop
Slide 02 : Conditional Probability
AECO 320 : Economic Statistics
1 / 52
Preview
I Today we will learn
I
I
conditional probability
It is an extension from multi-variable probabilities
To check whether a variable is related to another
I Part 1 : Conditiona
Slide 04 : Measures of Variability
Eco 320 : Economic Statistics
1 / 37
Preview
I Today, we learn two types of measures of variability
I
Range and inter-quartile range (related to percentile)
I
Variance and standard deviation (related to mean)
I Textbook
Slide 03 : Measures of Location
Eco 320 : Economic Statistics
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Preview
I Descriptive statistics
I
Basics
I
I
Probability
Average and others
I Inferential statistics
2 / 55
Preview
I This slide
I
Preliminary : dene random variable
I
Part 1 : mean (a.
Slide 07 : Sampling Distribution
Eco 320 : Economic Statistics
1 / 50
Preview
I
First chapter in inferential statistics
I
Infer population using sample
I Population : unknown
I Sample : known, but random
I
This slide studies the relationship between them
Slide 11: Covariance and Correlation
Eco 320 : Economic Statistics
1 / 56
Preview
I Numerical measures of a single random variable
I
Measure of location (central tendancy) : mean, median
I
Measure of variability (dispersion) : variance, standard deviation
Slide 09 : Hypothesis Testing 1
Aeco 320 : Economic Statistics
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Overview
I Descriptive statistics
I Preparation for inferential statistics
I Normal distribution
I Sampling distribution
I Statistical inference
I Estimation
I Hypothesis testing
2 / 61
Slide 5 : Binomial Distribution
Eco 320 : Economic Statistics
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Preview
I Probability and average just summarize data
I A scientic model is simplication of complicated phenomena
using assumptions
I Typical and common structures are extracted
I Then,
Slide 06 : Normal Distribution
Aeco 320 : Economic Statistics
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Preview
I In inferential statistics, every single random variable will be
approximated to a normal distribution
I This slide is just a preliminary step for future use
I Introduction to c
Slide 10 : Hypothesis Testing 2
Eco 320 : Economic Statistics
1 / 60
Preview
I In the last slide, we learned a basic framework for hypothesis
testing about the population mean
I In this slide, we study two advanced topics related to
hypothesis tests
I
I
E
Slide 08 : Estimation
Eco 320 : Economic Statistics
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Statistical Inference
I Estimation
I The mean gas price in New York state
I % of defective parts
I Hypothesis testing (next slide)
I Is the mean gas price higher than $2/gallon?
I Is the defect ra
REVIEW SHEET
TEST 3 - CPTRS 8 -11
Whats a Hypothesis? Whats a Rare Event?
Whats the difference between a z and a t test? When do you use one vs. the other/
What a chi-square test? And F test? When do you use them?
Whats the difference between a test resul
Kelsey Fenton
9/25/16
AECO 320- HW #2
1. CPI vs. PCE line graph:
2. According to my graph, CPI does overstate inflation. PCE, which is the personal
consumption expenditure closely mirrors inflation. This is due to the fact that the
personal consumption ex
Office Hours Monday and Wednesday 1:50-2:50
Econometrics- a method to describe the data and get some conclusions
OLS (Linear Regression Model)
Basic Statistics and Formulas
How to use the software- Excel
5 Homeworks
Pass Attendance Sheet Twice Randomly
3
Example 1: calculate the sample mean, median, and mode of the data set x=(3,6,9,8,1)
mean=27/5 median=6 mode=none
Example 2: Find the median x=(5,4,7,5,20,6,2)
xn=(5,4,7,5,20,6)
X1=(2,4,5,5,6,7,20) median is 5
x2=(4,5,5,6,7,20) median is 5.5
yi=2xi
Sigma
Midterm: Chapte 3-6
June 15 or 16th is the midterm
June 8 is when homework is due
Todays Class: Finish Chapter 4:
1. Applications of the Addition and Multiplication Rule
2. Counting Rules
Example 1: Craps
The sample space for the phenomenon of rolling a p
Todays Class
Chapter 5: Discrete Probability Distributions
1. Definition of Probability Distribution and Random Variable
2. Definition of Discrete and Continuous Random Variable
3. Mean, Variance, and Standard Deviation (population)
4. Rule of Thumb
5. Ex
Todays Class
1. Probability Distribution Graph)
2. Expected Value of random variables and its properties
3. Variance of random variable and its properties
4. Binomial Probability Distribution
HH, HT, TH, TT
First coin- t,t,h,h
Scecond coin- t,h,t,h
Number
Todays Class
1. continue on Binomial Probability definition (Applications)
2. Poisson Distribution
3. Continuous Probability Distributions
-uniform distribution
-normal distribution
u=np
spiral= square root of npq
580 peas
u=580*.75
=435
spiral=square roo
BACC 211 Textbook Notes- Exam 2
Chapter 6
Operating cycles- series of activities that a company undertakes to generate revenues,
and ultimately, cash
o Service companies follow a simple operating cycle: sell service to customers,
collect cash from them an
Kelsey Fenton
AECO 320- HW #1
Due Date: 9/8/16
Metadata and Data U.S. Unemployment
ECO 320 Economic Statistics Due Thursday Sep 8 (start of class)
On Friday (9/2) we will receive news regarding the unemployment rate. This assignment asks you
to find infor
BACC 211 Textbook Notes- Exam 1
Chapter 1
3 primary ways businesses can be organized:
o 1. Sole proprietorship (72%)
Owned and usually operated by one individual
Easiest to start b/c no legal maneuvers just need business license
All profits/losses beco
FRED Graph Observations
Federal Reserve Economic Data
Link: https:/fred.stlouisfed.org
Help: https:/fred.stlouisfed.org/help-faq
Economic Research Division
Federal Reserve Bank of St. Louis
PCEPI_NBD19850101 Personal Consumption Expenditures: Chain-type P
AECO 320 : Economic Statistics
University at Albany, SUNY
Spring 2016
Section Information
Catalog number : 9403
Time : TTH 2:45-4:05 PM
Classroom : to be determined
Catalog number : 8528
Time : TTH 4:15-5:35 PM
Classroom : to be determined
Instructor
Byou