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Lecture 1

# ECON 2209 Lecture 1: 18January_EconStatistics_Karagodsky Premium

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School
Department
Economics
Course
ECON 2209
Professor
Karagodsky
Semester
Fall

Description
EconStatistics January 18 2017 1 Why should we study Statistics Studying Statistics gives us tools to analyze large sets of data. 2 Summation Notation Summation notation is used to sum a series of numbers. If we have a set: f2, 4, 6, 9, 7, 5g Then this: X3 xj= the sum of all X from 1 to 31= X 2 X +3X = 12 x=1 In the above example, X is the series and J is the order. If J = 3, then x would be 6. Similarly: X3 4x = 4X + 4X + 4X j 1 2 3 x=1 2.1 Distribution Property (factoring out) From the above example you can factor out the common terms. For example: 3 X 4xj= 4X 1 4X +24X = 3(X + 1 + X2) = 3(12) x=1 1
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