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STATISTICAL METHODS

PAPER CODE: EC1005

Unit-I

Measures of central tendency: A.M, G.M., median, quartiles, deciles, percentiles and mode. Measures of dispersion: Range, interquartile  range,  quartile  deviation,  mean  deviation,  standard  deviation.  Index  numbers:  Problems  and  methods  of construction of various types of indices, Laspeyres, Passche’s and Fisher’sideal  index  number;  chain-base  indices  base  shifting,  splicing  and  deflating  the  index  numbers.  Cost  of  living  index numbers  and  consumer  price  index  numbers.  Time  series  analysis:  Components  of  time  series  and  their  decomposition. Methods of measuring trend, cyclica, seasonal and irregular variations.

Unit-II

Random  experiment,  random  variable  sample  space,  exhaustive  events,  independent  events,  mutually  exclusive  events, equally  likely events, simple and compound events, classical, relative frequency,  and axiomatic approaches to probability, basic  results  on  probability,  conditional  probability,  Baye’s  theorem,  economic  applications  of  probability  and  Baye’s theorem.  Concept  and  use  of  mathematical  expectation  (mean  and  variance),  concept  of  density  function,  probability distributions;  binomial,  poisson  and  normal  distributions,  marginal  and  conditional  distributions,  properties  and interrelationships, fitting of distribution.

Unit-III

Correlation  and  regression:  Simple  correlation,  Pearson,  Spearman’s  correlation  coefficients,  multiple  and  partial correlation  analysis,  specification  of  a  simple  linear  regression  model,  least  square  estimation  of  linear  regression coefficients, interpretation  of correlation and regression coefficients.  Sample and Census;  methods and types of sampling, sampling  error,  small  and  large  sample.  Concept  of  an  estimator  and  its  sampling  distribution;  properties  of  a  good estimator, concepts of point and interval estimation, OLS and ML estimatorsof regression parameters. Elements of statistical Inference: Parameters and estimates; concepts of sampling distribution of a

statistic, standard  error, concept of hypothesis testing and tests of significance (z, t, chi square and F test), Type I and Type II errors, level of significance and power of a test. Neyman Pearson lemna.