[ECON 2P91] - Midterm Exam Guide - Ultimate 59 pages long Study Guide!

• School: Brock University
• Department: Economics
• Course: ECON 2P91
• Professor: Tomson Ogwang

Document Summary

Cross sectional data: data on different entities (workers, firms, consumers, etc) on a single time period i. e. , test scores in california school district 420 entities (schools) in the year. 1999 (time period): n = number of entities (420, helps us learn about relationships among variables by studying differences across entities (during a single time period) Chapter 2 review of probability occur, thus the outcomes are mutually exclusive. 2. 1 random variables and probability distributions i. e. , if the probability of your computer not crashing while writing a paper is. 80%, then over the course of writing many papers, you will complete 80% without a crash. Outcome the mutually exclusive potential results of a random process i. e. , your computer will crash once, twice, never, etc only one of these will. Probability the proportion of the time that the outcome occurs in the long run: the event (cid:498)my computer will crash no more than once(cid:499) consists of two.