ECON 2200 Chapter Notes - Chapter 1: Statistical Inference, Descriptive Statistics, Central Tendency
14 Jan 2017
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Document Summary
Statistical techniques are used to make many decisions that affect our lives. No matter what your career, you will make decisions that involve data. Statistics science of collecting, organizing, presenting, analyzing, and interpreting. Average salary, number of home runs, mean time, unemployment rate, etc. Two types: descriptive and inferential data to assist in making more effective decisions. Descriptive statistics involves methods of organizing, summarizing, presenting, and analyzing data in an informative way. Involves graphical summaries as well as measures of central tendency and dispersion. Examples: past census data, past weekly earnings population based on a sample. Inferential statistics involves the methods used to estimate a property of a (cid:498)best guess(cid:499) of a population value based on sample information: 46% of all high school students can solve problems involving. Examples: fractions: 77% of all high school students can correctly total the cost of a burger and fries on a restaurant menu.
