Statistical Methods for Economics (

Paper Code: 
24CECO 312
Credits: 
6
Contact Hours: 
90.00
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

 

Course Outcomes: 
Course
Learning outcome (at course level)
Learning and teaching strategies
Assessment Strategies 
Course Code
Course Title
24CECO 312
Statistical Methods for Economics

(Theory)
Students will:
CO31: perform data analysis and solve problems involving use of measures of central tendency
CO32: analyze the various methods of dispersion and skewness
CO33: perform correlation and regression analysis
CO34: compute different types of index numbers.
CO35:analyze and interpret time series data and perform interpolation.

CO36: contribute effectively in course-specific interaction
Approach in teaching: Interactive Lectures and Discussions.
 
Learning activities for the students:
Practice Modules and
Assignments.
Class activity, Assignments and Semester end examinations.

 

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: 

Suggested Readings:

  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.

E Resource:

https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=NEp/xikgBgNtfA+sgFQAcA==

Journals:

  • International Journal of Mathematics and statistics

http://www.ceser.in/ceserp/index.php/ijms

  • Journal of the Indian Statistical Association

https://www.indstatassoc.org/journal-jisa

  • Journal of Quantitative Economics (Econometrics and Mathematical Economics)

 

Academic Session: 
2024-25
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