Class Notes (835,600)
Canada (509,275)
Economics (994)
ECON 221 (9)

Econ221 Lecture 1.docx

2 Pages
Unlock Document

ECON 221
Ryan George

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
More Less

Related notes for ECON 221

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.