ECON 1100 Lecture Notes - Lecture 3: Positive Statement, Panel Data, Pie Chart
3 Sep 2019
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Aside: normative statement usually feels good to say, and may be right, but doesn"t really have some sort of sustenance behind it. Positive statement usually has some sort of support, maybe be it scientific or statistical, or has planning behind it. Economic data: index numbers a measure of some variable relative to a base period, example: Index number for ticket prices (2008 as base year) (150$ / 170$) x 100 = Formula: value of index = ((absolute value in a given period) / (the absolute value in the base period)) x 100. If value of index is greater than 100, then that means the index number is greater than the base period: graphing economic data data can be grouped into three classifications: Cross section observations taken in different places at the same time (ie: looking at many persons grade 12 gpa space )
