ECON2209 Lecture 1: 18January_EconStatistics_Karagodsky

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12 May 2017
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Studying statistics gives us tools to analyze large sets of data. Summation notation is used to sum a series of numbers. X x=1 xj = the sum of all x from 1 to 3 = x1 + x2 + x3 = 12. In the above example, x is the series and j is the order. If j = 3, then x would be 6. From the above example you can factor out the common terms. 4xj = 4x1 + 4x2 + 4x3 = 4(x1 + x2 + x3) = 4(12) X x=1 or (xj + 1) = (x1 + 1) + (x2 + 1) + (x3 + 1) = (x1 + x2 + x3) + (1 + 1 + 1) We can also nd the product of summation notation: X t=1 xt xt + 1 = x1 x2 + x2 x3. = 2 4 + 4 6(using the previous list)

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