Statistics Applied to Economics I       ECN 3971 Dr. Ali R. Moshtagh 2605 Coleman Hall (217) 581-2719 [email protected] Office Hours   10:00 - 10:50 MWF 8:30 - 9:20 TR.

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Transcript Statistics Applied to Economics I       ECN 3971 Dr. Ali R. Moshtagh 2605 Coleman Hall (217) 581-2719 [email protected] Office Hours   10:00 - 10:50 MWF 8:30 - 9:20 TR. 

Statistics Applied to Economics I
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ECN 3971
Dr. Ali R. Moshtagh
2605 Coleman Hall
(217) 581-2719
[email protected]
Office Hours
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10:00 - 10:50 MWF
8:30 - 9:20 TR
What is Statistics?
Statistics is the science of collecting,
describing, analyzing and interpreting
data for the purposes of making
decisions.
Three Terms Describe Statistics
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Descriptive Statistics
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involves computing summary measures
and constructing graphs, tables and
charts to illustrate those measures;
Probability
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involves the measurement of the
uncertainty that the decision maker feels
about the occurrence of some outcome;
Three Terms Describe
Statistics
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Inference
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involves drawing conclusions about a large
body of data when only a small portion of
those data has actually been observed.