Department of Economics, Unit Catalogue 2011/12 

Credits:  6 
Level:  Certificate (FHEQ level 4) 
Period: 
Semester 1 
Assessment:  CW 30%, EX 70% 
Supplementary Assessment:  ES10003 Resit Examination (where allowed by programme regulations) 
Requisites:  
Description:  Aims: Basic statistical knowledge is fundamental to any understanding of applied economic topics (i.e. testing of micro and macro models). The aim, in this respect, is to give students the necessary background for the second semester unit ES10004 Computing and Data Analysis and second year Introduction to Econometrics. More specifically, the unit aims to provide students with experience in the analysis of data and a fuller understanding of probability and statistical inference techniques. Learning Outcomes: The learning outcomes are that the students should be able to: * Calculate probabilities using a variety of discrete and continuous distributions; * Understand principles of random sampling and construction of sampling distributions; * Calculate confidence intervals and hypothesis tests for means. Skills: Statistical skills; problemsolving. Content: PART I: PROBABILITY 1. Probability Theory Random experiments, outcomes and events. The nature of probability. Probability rules. Permutations and combinations. Bayes' theorem. 2. Discrete Random Variables and Probability Distributions Random variables. Probability distributions for discrete random variables. 3. Continuous Random Variables and Probability Distributions Continuous random variables. Expectations. The Normal distribution. Jointly distributed continuous random variables. PART II: STATISTICAL INFERENCE 4. Sampling and Sampling Distributions Sampling from a population. Sampling distribution of the sampling mean, sample proportion, and sample variance. 5. Estimation Point estimators. Confidence intervals. Sample size determination. 6. Hypothesis Testing Concepts of hypothesis testing. Hypothesis tests for mean and variance. Power of a test. Key text: Statistics for Business and Economics (6th Ed) Newbold, Carlson and Thorne (Prentice Hall 2006). 
Programme availability: 
ES10003 is Compulsory on the following programmes:Department of Economics
