ECON1310 Lecture Notes - Lecture 1: Descriptive Statistics, Statistical Inference, Variance
Document Summary
Variable: the characteristic being measured, what is of interest e. g height, temperature, male or female. Descriptive statistics: used to organise, explore, summarise or describe collected data, used to present and make sense of data (visually using histogram, pie charts, etc. , data needs to be collected. Inferential statistics = main focus of econ1310: drawing conclusions about a much larger population by examining a smaller, representative sample, that is taken from the population. Planet = population average age is 30 [descriptive statistics] Australia = sample average age is 37 [inferential statistics] Planet australia (sampling = descriptive statistics: populatio(cid:374) sta(cid:374)da(cid:396)d deviatio(cid:374) = , population variance = ^(cid:1006, population proportion = p, population size = n. Australia planet (inference = inferential statistics) information going back. Sample standard deviation = s: sa(cid:373)ple va(cid:396)ia(cid:374)(cid:272)e = ^(cid:1006, sample proportion = p, sample size = n. Sampling error = parameter value - statistic value.
