STATISTICS FOR ECONOMICS

Course Code ECO104A

Course Category Economics
Course Title Statistics for Economics
Teaching Scheme and Credits L T Laboratory Credits
Weekly load hrs 2 - -- 2
Pre-requisites: Basic knowledge of mathematics and economic theories

Course Objectives:

To make students learn what role numerical analysis and statistics plays in Economics. To understand the
statistical tools for correlating data and based on various tools. To also learn to draw conclusions about the
available data. To apply this knowledge in their research works and projects in future.

1. Knowledge (i) Understanding of mathematical tools

(ii) Basic knowledge to apply them in different economic scenarios.

2. Skills (i) Analytical and logical thinking

(ii) Quantitative

3. Attitude (i) Positive towards learning new things

(ii)Motivated to learn
Course Outcomes:

The students will understand various types of basic statistical tools and their applications in
Economics and Finance. They will be able to understand and implement and do preliminary
analysis of data using these tools.

Course Contents:

Classification and Presentation of Data:

Classification of Data, Graphical Representation, Tabular Presentation, Arithmetic Line Graph, Pie Chart,
histogram, bar-diagrams, Ogive, etc. introductory definitions to basic terminologies such as class marks,
class sizes, etc.

Measures of Central Tendency:

Mean, Median, Mode in individual, discrete and continuous series calculation and graphical method

Measures of Dispersion:
Absolute and Relative measures, Partition and positional measures

Correlation and Regression: Simple, Multiple and Partial. Regression Equations

Time Series:
Components & Measurement

Index Number:
Laspeyres, Paasche and Fisher, Tests for Ideal Index Number. Cost of Living and Wholesale Price Indices,
Splicing, shifting of base

Learning Resources:

Reference Books:
 S.C. Gupta – Fundamentals of Statistics - Sultan Chand & Sons, Delhi.
 John E. Freund, Mathematical Statistics, Prentice Hall, 1992.
 Richard J. Larsen and Morris L. Marx, An Introduction to Mathematical Statistics
and its Applications, Prentice Hall, 2011.

Supplementary Reading:

 William G. Cochran, Sampling Techniques, John Wiley, 2007.

 Irwin Miller and Marylees Miller, John E. Freund’s Mathematical Statistics with
Applications, Pearson, 7th edition, 2004
 Probability and Statistics (Schaum’s Outline Series) Paperback – 1 Jul 2017 by
Murray Spiegel , John Schiller , R. Alu Srinivasan , DebasreeGoswami
 Statistics: An Introduction Paperback – 28 Mar 2007, by Roger E. Kirk
 Statistics for Beginners: Vijaya Krishnan

Web Resources:
 https://www.economics.utoronto.ca/jfloyd/stats/ecstats.pdf
 https://ocw.mit.edu/courses/economics/14-30-introduction-to-statistical-methods-in- economics-
spring-2009/lecture-notes/
 https://cowles.yale.edu/sites/default/files/files/pub/misc/specpub-davis-nelson.pdf
http://ugcmoocs.inflibnet.ac.in/ugcmoocs/view_module_ug.php/227

MOOCs: https://swayam.gov.in/nc_details/NPTEL

Pedagogy:

Case discussion, participative learning, discussions, assignment, practice problem solving,

conceptual and contextual learning

Assessment Scheme:

Class Continuous Assessment (CCA) (60 % weights)

Faculty will choose the following components for the Continuous Assessments
 Assignments
 Test
 Presentation
 Case Study
 MCQ
 Oral
 Others
Term End Examination : (40 % weights)
 Workload in Hrs
Module
Contents Asse
No. Theory Lab
ss
Classification and Presentation of Data:
Classification of Data, Graphical Representation, Tabular Presentation,
Arithmetic Line Graph, Pie Chart, histogram, bar-diagrams, Ogive, etc.
1 4 - 2
introductory definitions to basic terminologies such as class marks,
class sizes, etc.

Measures of Central Tendency:

Mean, Median, Mode in individual, discrete and continuous series
2 4 - 2
calculation and graphical method

Measures of Dispersion:
3 4 - 2
Absolute and Relative measures, Partition and positional measures
Correlation and Regression: Simple, Multiple and Partial. Regression
4 Equations 4 - 2

Time Series:
5 Components & Measurement 4 - 2