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Statistics Applied to Economics I

Statistics Applied to Economics I. ECN 3971 Dr. Ali R. Moshtagh 2605 Coleman Hall (217) 581-2719 amoshtagh@eiu.edu Office Hours 10:00 - 10:50 MWF 8:30 - 9:20 TR. What is Statistics?.

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Statistics Applied to Economics I

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  1. Statistics Applied to Economics I • ECN 3971 • Dr. Ali R. Moshtagh • 2605 Coleman Hall • (217) 581-2719 • amoshtagh@eiu.edu • Office Hours • 10:00 - 10:50 MWF • 8:30 - 9:20 TR

  2. What is Statistics? Statistics is the science of collecting, describing, analyzing and interpreting data for the purposes of making decisions.

  3. Three Terms Describe Statistics • Descriptive Statistics • involves computing summary measures and constructing graphs, tables and charts to illustrate those measures; • Probability • involves the measurement of the uncertainty that the decision maker feels about the occurrence of some outcome;

  4. Three Terms Describe Statistics • Inference • involves drawing conclusions about a large body of data when only a small portion of those data has actually been observed.

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