Study Guides (238,467)
Economics (191)
ECON 2740 (5)
Midterm

# Midterm- Key Concepts and Equations

4 Pages
188 Views

School
University of Guelph
Department
Economics
Course
ECON 2740
Professor
David Prescott
Semester
Winter

Description
Key Equations and Concepts December 7, 2013 2:38 PM Random Discrete Variable- the random variable ▯ can taken any of a finite number of different values (for example, a six sided die) Random Continuous Variable- the random variable ▯ can take any of an infinite number of numerical values Variance- the average squared deviation of ▯ from its mean ▯ ▯ ▯ ▯▯▯▯▯▯▯ ▯ ▯ ▯ ▯▯ ▯▯▯ ▯ ·▯▯▯ ▯ ▯ ▯ Standard Deviation- the average deviation of ▯ from its mean (also the squared variance) ▯▯▯ ▯▯▯ ▯ ▯▯▯ σ▯ ▯ ▯ Coefficient Variation - a unit free measure that can be used to compare to things ▯▯ ▯▯ ▯▯▯▯▯ Sample Quartiles- quartiles divide data into for equal parts, or quartiles - ▯ ▯second quartile) is also the median - The position of the first quarti▯▯ is found using the first equation, and the vale by the second equation ▯▯ ▯ ▯▯ ▯ 1▯▯ 4 ▯ ▯ 0.75▯ ▯ 0.25▯ ▯ ▯ ▯ - The position of the third quartile ▯is found usingthe first equation, and the vale by the ▯ second equation ▯ ▯ ▯▯▯1 ▯ ·3▯ ▯ 4 ▯ ▯ 0.25▯ ▯0.75▯ ▯ ▯ ▯ Sample Median- the value that lies in the middle of the data set, and the position can be found using the first equation, and the value using the second equation ▯ ▯ ▯▯ ▯ 1▯▯ ▯ 2 ▯▯▯05.▯ ▯ ▯0.5▯ ▯ Interquartile Range- the interquartile range contains the middle 50% of ordered observations, or the values in between the first and third quartiles ▯▯ ▯ ▯ ▯▯ ▯ Moments- there are four moments is statistics, summarized in the following table Moment Associated Statistics First Mean Second Variance Third Skew Fourth Kurtosis Set- a set is a collection of objects, and subsets are contained in the set Compliment- denoted ▯ or ▯ , it contains all the elements not in ▯ Union- denoted ▯ ∪▯ , is every element contained in both ▯ and ▯ - Note ▯ ∪▯ ▯ ▯ ∩▯ and are all the elements not in ▯ and ▯, so the unshaded area in the following diagram - ▯▯▯▯∪▯ ▯▯
More Less

Related notes for ECON 2740

OR

Don't have an account?

Join OneClass

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

Join to view

OR

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.