Module Identifier EC10910
Module Title STATISTICS FOR ECONOMISTS
Co-ordinator Mr Alan Jones
Semester Semester 2
Other staff Mrs Glenda Roberts
Mutually Exclusive AC10410
Course delivery 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 TypeAssessment Length/DetailsProportion
Semester Exam1.5 Hours (written examination)  80%
Semester Assessment continuous assessment  20%
Supplementary Exam2 Hours 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.