Notes for Statistics for Economics (ECON 30330) at the University of Notre Dame. Topics include types of data, mean, median, mode, variance, coefficient of variation, z-scores, covariance, correlation, permutation, combination, and probability.
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Statistics for Economics Midterm 1 Cheat Sheet
1. Variables
:#
of columns .
skewed left :
median > mean
observations
:#Of rows •
z
-
score :
.
nominal :
labels
zi =
×i -
I
.
ordinal :
ranking
s
.
interval
:# ,
0 doesn't matter
.
Chebyshev 's Theorem :
At least
.
ratio :#
,
zero matters ( I -
z÷ ) of data values must be
.
relative freq .
= ¥9
'
Within ± zstd .
dev .
of the mean
.
percent freq .
= fr#
'
×
100.1 .
•
Empirical Rule : 681 .
Wlih 1 Stolidly
.
sample mean : It
× 't×z+ .
. .×n 95% Wlih 2 ,
99.71 . Wlih 3
n
.
population covariance :
.
Population mean
:µ=×=×2tI×no×y=
E ( Xi
-
Mx )( Yi -
My )
N N
.
Weighted mean
:I=€w-i××
•
sample covariance :
if Wi
s×y=
E ( Xi -
F) ( yi
-
g )
.
Outlier : 1. SIQR or 2- score
n -
I
I 131
°
If Sxy > 0 :
POS rel .
, Sxyc 0 :
neg .
.
median : middle rel .
, s×y=O : no re
.
mode :
Most
•
population Correlation :
'
Compute pth percentile Cxy =
8××8y
-
i = ( do )n
•
permutation :
order matters ;
-
if i is not integer →
roundup PF :¥s :
-
if i is
integer , avg . of xid
°
Combination :
order doesn't
Xiii matter ;
Cnr =
rein
.
1QR=Q3 -
QI
•
U =
"
Or
"
Population variance : on =
"
and
"
g2=
IF ( xi
-
M )2 .
PCA ) +
PCAC )=|
N .
PCAUB )=P( A) + PC B )
-
PCANB )
•
sample variance :
•
Mutually exclusive : PCANB )=O
sz =
I. ( xi -
E)
2
.
PCAIB ) = PIES,B
'
n -
1
.
PC An B) =
PCB ) .
PCAIB )
°
standard deviation : =
Pla ) .
PCBIA )
not or is •
independent events : PCAIB )=P( A )
°
coefficient of Variation : ↳ PCANB )=P( A ) .
P ( B )
( ✓ =
standard dev .
× 100%
•
PC B) =
FPCBIAI ) PCAI )
mean °
Bayes
'
Rull
PC A. 1
B) =
P
!LBTB
)
=
PCBIA , )p( A ,
)
•
Skewed right :
Mldh ) Median PCBIA ,
) PLA ,
]+PLBlA2)PLAz )
•
PC B) =P ( BIA ,
)P( A.) + PCBIAZ )P( Az )