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Lecture

# Econ221 Lecture 1.docx

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School
Department
Economics
Course
ECON 221
Professor
Ryan George
Semester
Summer

Description
Econ221 - Stats Lecture 1 – May 7, 2013 Place of Statistical Reasoning - Deduction vs. induction o From what is given to justify of other propositions o Inducting info – have info and making more general assumptions - Processes – Rules and Variability o Particular cases and general patter - Stats provides ways to describe data and proceed with non-deductive reasoning o Coming with systematic way of retrieving information - Population – collection of all items of interest or under investigation o N represents population size - Sample – observed subset of population o n represents sample size - Parameter – specific characteristic of a population - Statistic – specific characteristic of a sample - Examples of populations o All incorporated businesses in Ontario - Simple random sampling – procedure in which: o Each member of population is chosen strictly by chance o Each member of population is equally likely to be chosen o Every possible sample of n objects - Systematic sampling: o population arranged in unrelated way to subject o ie. Selected every “j” item, where:  j is the ratio of population size to sample size (j = N/n) o randomly select number from 1 – j for first item selected - systematic sample – can be used when we don’t have complete list of individuals that can be indexed o problem: if population is arranged in a way that every house is a corner house  not a good variety of types (too similar) - two br
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