# Module Information

Module Identifier
EC10910
Module Title
STATISTICS FOR ECONOMISTS
Academic Year
2012/2013
Co-ordinator
Semester
Semester 2
Mutually Exclusive
Other Staff

#### Course Delivery

Delivery Type Delivery length / details
Lecture 18 Hours. (18 x 1 hour lectures)
Seminars / Tutorials 2 Hours. (2 x 1 hour tutorials)
Practical 3 Hours. (3 x 1 hour computer practicals)

#### Assessment

Assessment Type Assessment length / details Proportion
Semester Assessment continuous assessment  20%
Semester Exam 1.5 Hours   (written examination)  80%
Supplementary Exam 2 Hours   Repeat Failed Elements or equivalent  Written exam  100%

### Learning Outcomes

On completion of the module, a student should be able to:

* Summarise and present a data set;

* Calculate various summary measures for grouped and ungrouped data;

* Construct and interpret statistical diagrams;

* Fit a straight line to suitable data;

* Calculate and interpret correlations;

* Describe and illustrate basic probability concepts;

* Use statistical tables;

* Carry out and interpret the results of basic statistical tests;

* Use and interpret the output from statistical software.

### Brief description

This module introduces statistical methods and their application in Economics, together with the use of statistical computer software. The software package MINITAB is used in practical classes.

### Aims

To introduce students to statistical methods and to appreciate their importance in Economics.

### Content

1. STATISTICAL DIAGRAMS: pie charts; simple multiple and stacked barcharts; histograms; cumulative polygons; stem and leaf diagrams
2. SUMMARY MEASURES: minimum, maximum, median, quartiles, percentiles; five number summaries and box-and-whisker plots; mean and mode; variance and standard deviation; calculations from grouped data.
3. SCATTERPLOTS, REGRESSION AND CORRELATION : scatterplots; the idea of a line of best fit; importance of the mean point; least squares regression; the existence of two regression lines for bivariate data; correlation and its measurement; the (product moment) correlation coefficient; Spearman'r rank correlation.
4. PROBABILITY: definition and properties; unions and intersections; mutually exclusive events; the addition law; independent events; the multiplication law; equally likely outcomes; conditional probability; Bayes? theorem; the Central Limit Theorem; the Normal distribution.
5. STATISTICAL INFERENCE: basic ideas; informal inference based on 'rwo standard deviations?; formal p-values; goodness of fit; the idea of a confidence interval.
6. TIME SERIES DATA: plotting time series; the idea of a moving average; smoothing.

The computer package MINITAB: introduction, producing and interpreting diagrams and tables, producing and interpreting summary measures; regression and correlation; output from formal procedures such as z-, t- chi-squared- and F-tests.

### Reading List

Supplementary Text
Keller, Gerald and Warrack, Brian (c2000.) Statistics for management and economics. Duxbury Primo search McClave, Benson and Sincich (1998) Statistics for Business and Economics 8/e Pearson Primo search Swift, Louise. (2001.) Quantitative methods for business, management and finance /Louise Swift. Palgrave Primo search
Consult For Futher Information
Curwin, Jon (2000.) Improve your maths :a refresher course /Jon Curwin and Roger Slater. Business Press Primo search Curwin, Jon. (1996.) Quantitative methods for business decisions /Jon Curwin and Roger Slater. International Thomson Business Press Primo search

### Notes

This module is at CQFW Level 4