Statistics for Economics Case Study - Economics Assignment Help

Assignment Task

 Statistical methods

The discussion of many problems in the social sciences is based on the collection and analysis of data. For example, to investigate how the value of a house depends on such things as the size of the house or the location, the values of these quantities must be measured for a sample of houses. If the problem is to describe the production of electricity at a power plant as a function of the fuel consumptiun, monthly or weekly joint observations of production and consumption must be collected. For the study of the employment pattern of married women, information about variables like present employment status, education, age and area of residence must be obtained, for example from a survey of a selected group of married women. To evaluate the information in such data, a statistical analysis can be performed.
 

A statistical analysis is based on a scientific theory called theoretical statistics, which provides the rules for describing, summarizing and evaluating information in data. The fundamental concept in theoretical statistics is the statistical model, by which a formal separation of the observed variability in data into a structural and a random component can be obtained. The description of the random component is based on probability theury, which is a mathematical discipline. 

In the initial phase of a statistical analysis, descriptive or explorative methods are used to investigate important structural features of the data in easily interpretable ways. A characteristic property of such simple methods is that they are based on very broad assumptions concerning the nature of the data. This part of the analysis plays an important role for the choice of a statistical model which is required for a more detailed evaluation of the information available from the data.

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