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Statistical Methods for Economics [1]

Paper Code: 
24CECO 301
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 301
Statistical Methods for Economics

(Theory)
Students will:
CO13:examine various methods of data representation and measures of central tendency
CO14: analyze the various methods of dispersion and skewness
CO15: analyze and interpret correlation and regression.
CO16:compute different types of index numbers
CO17: analyze and interpret time series data and methods of interpolation

CO18: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
  • Measures of Central Tendency – Mathematical (Arithmetic Mean) and Locational measures (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; difference between interpolation and Extrapolation, 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== [2]
Journals:
1.International Journal of Mathematics and statistics
http://www.ceser.in/ceserp/index.php/ijms [3]
2.Journal of the Indian Statistical Association
https://www.indstatassoc.org/journal-jisa [4]
3.Journal of Quantitative Economics (Econometrics and Mathematical Economics)
https://www.springer.com/journal/40953 [5]

 

Academic Session: 
2024-25 [6]

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Source URL: https://economics.iisuniv.ac.in/courses/subjects/statistical-methods-economics-8

Links:
[1] https://economics.iisuniv.ac.in/courses/subjects/statistical-methods-economics-8
[2] https://epgp.inflibnet.ac.in/Home/ViewSubject?catid=NEp/xikgBgNtfA+sgFQAcA==
[3] http://www.ceser.in/ceserp/index.php/ijms
[4] https://www.indstatassoc.org/journal-jisa
[5] https://www.springer.com/journal/40953
[6] https://economics.iisuniv.ac.in/academic-session/2024-25