Statistics For Economists I

KShs 100

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Description

Objectives

At the end of this lesson, the student should be able to understand

  • The meaning of statistics
  • Steps in a statistical enquiry
  • Types of statistics
  • The steps of a complete statistical study
  • The functions of statistics
  • The uses of statistics
  • The classification of data
  • Presentation of information using tables
  • Differentiate between a Lorenz curve and Z chart
  • Relative Frequency Distribution
  • Cumulative Frequency Distribution
  • Differentiate between the different methods of data presentation
  • Present data systematically using different graphical methods
  • Explain in detail the data presented.
  • Calculate and interpret the arithmetic mean using different approaches of both grouped and ungrouped data
  • Differentiate between different types of mean
  • Calculate and interpret the median
  • Find the median of the data using an appropriate method
  • Use graphical method to locate the median of the data
  • Differentiate between quartiles, percentiles and deciles
  • Calculate and interpret quartiles, percentiles and deciles
  • Differentiate range, inter quartile range, quartile deviation and mean deviation
  • Calculate range, inter quartile range, quartile deviation and mean deviation
  • Calculate variance and standard deviation
  • State and illustrate the uses of standard deviation
  • Differentiate between skewness, kurtosis and moments
  • Differentiate between different concepts of probability
  • State and explain the different types of approaches to probability
  • Understand the purpose of studying probability
  • State and explain the types of events
  • Differentiate between unions and intersections
  • Explain conditional probability
  • State both the addition and multiplication rules of probability
  • Solve mathematical problems using tree diagrams
  • State Bayes’ theorem
  • Differentiate between permutation and combination
  • Define a random variable
  • Distinguish between uniform, discreet and continuous probability
  • State the different laws of expectation and variation
  • Define what is meant by a continuous variable
  • Define what is meant by a continuous probability distribution
  • Differentiate between the normal approximation to the binomial and poisson distribution