Statistical Methods for Economics

Paper Code: 
ECO 223(T)
Credits: 
2
Contact Hours: 
30.00
Objective: 

To acquaint the students with statistical techniques useful for economic analysis.

12.00
Unit I: 
Univariate Analysis

Measures of central tendency, dispersion, skewness and kurtosis, concept of Lorenz curve and Gini coefficient.

12.00
Unit II: 
Bivariate Analysis

Simple Correlation- Karl Pearson’s correlation coefficient and Spearman’s rank correlation coefficient. Partial and Multiple correlation Simple Regression analysis.

12.00
Unit III: 
Time Series analysis and Index Numbers

Time Series analysis                                                                                Components of time series, measurement of trend and seasonal variation.              Index numbers                                                                                                          Construction of unweighted and weighted Index Numbers, Tests of adequacy, Cost of living index, Chain index-Base shifting –conversion of current price data into constant price data

12.00
Unit IV: 
Probability and Probability Distributions

Probability                                                                                                    Probability - definition, theorems of addition and multiplication, conditional probability, Bayes Theorem, mathematical expectation.                                                                        Probability Distributions                                                                                      Binomial, Poisson and Normal distributions.

 

12.00
Unit V: 
Sampling and Hypothesis testing

Sampling techniques. Estimation: properties of good estimator, Point and Interval estimation, Null and alternative hypotheses, Types of errors. Hypothesis testing - use of Z, t, chi-square & F tests. Association of attributes, Analysis of Variance.

Essential Readings: 
1. Gupta, S.P. Statistical Methods, S Chand & Company, New Delhi, 2012.
2. Speigal, Murray R., Statistics, Schaum’s Outlines, McGraw Hill Education, 1998.
3. Spiegel, Murray R., Schiller, John, Srinivasan, R. Alu and Goswai, Debasree,                     Probability and Statistics, McGraw Hill Education, 2017.
4. Croxton, Frederick E., Crowden, Dudley, J. and Klein, Sydney, Applied General                Statistics, Prentice Hall of India, New Delhi, 3rd edition, 1979.
5. Nagar, A.L. and Das R.K., Basic Statistics, Oxford University Press, 1997.

 

Academic Session: 
2018-19
  • Printer-friendly version
  • PDF version