Statistical Methods for Economics

Paper Code: 
CECO 412
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

1.     

To explain the various aspects of data visualization and measures of central tendency

2.     

To comprehend the different measures of dispersion and skewness

3.     

To understand the techniques of correlation, regression, index numbers, time series analysis and interpolation

18.00
Unit I: 
Data Visualization & Measures of Central Tendency
·         Basic concepts: Population and Sample, Census and Sample survey, Primary and Secondary data;
·         Diagrammatic representation of data-Bar Diagram and Pie Diagram;
·         Graphic representation of data-Line Graph, Histogram, Frequency Polygon, Frequency Curves and Ogives

·         Mean, Median, Mode-Calculations, their relative merits and demerits

18.00
Unit II: 
Dispersion & Skewness

·        

Absolute and Relative Measures of Dispersion

·        

Methods of measuring dispersion - Range, Quartile Deviation, Mean Deviation & Standard Deviation;

·        

Skewness – concept of positive and negative skewness

·        

Measures of Skewness - Karl Pearson’s and Bowley’s measure

18.00
Unit III: 
Bivariate Analysis

·        

Correlation – Meaning, types and degrees

·        

Simple Correlation - Karl Pearson’s coefficient of correlation;

·        

Spearman’s Rank Correlation Coefficient

·        

Concept of Simple Regression;

·        

Regression Lines and Regression Coefficients;

·        

 Fitting of Regression Lines (Method of Least Squares)

18.00
Unit IV: 
Index Numbers
·         Concept of an index numbers- Simple & Weighted
·         Laspeyer’s, Paasche’s, and Fisher’s index numbers;
·         Time reversal, factor reversal, and circular tests;
·         Consumer Price Index Number & Wholesale Price Index number;

Problems in the construction of index numbers

18.00
Unit V: 
Time Series Analysis and Interpolation

·        

Time series – Meaning and Components;

·        

Measurement of trend by moving averages and least square method;

·        

Measurement of seasonal variation by simple averages;

·        

Interpolation – Meaning;

·        

Methods of interpolation: Binomial Expansion method and Newton’s Advancing Difference method

Essential Readings: 

1.      Gupta, S.P., Statistical Methods, S. Chand and Sons, 2012.

2.      Nagar, A.L. and R.K. Das, Basic Statistics, Oxford University Press, 1985.

References: 

1.      Croxton, F.E., D.J.Cowden and S. Klein, Applied General Statistics, Prentice Hall.

2.      Speigel, M.R.,Schaum’s Outline of  Theory and Problems of Statistics, McGraw Hill Book, 2017.

Academic Session: 
2023-24
  • Printer-friendly version
  • PDF version