 Key terms and concepts:

Summation Operator
Average and Median
Linear Function; Intercept and Slope
Marginal effect
Percentage Change, Percentage Point Change, and Proportionate Change
Nonlinear Function: Quadratic, Exponential and Natural Logarithm
Diminishing Marginal Effect
Elasticity and Semi-Elasticity
Derivative and Partial Derivative.
 Random Variable (discrete and continuous)
Probability Density Function (pdf) and Cumulative Distribution Function
(cdf)
Joint Distribution and Independence
Conditional Distribution
Expected Value, Median, Variance and Standard Deviation
Covariance and Correlation
Conditional Expectation and Law of Iterated Expectation
Variance of Sums of Random Variables
Normal Distribution, Standard Normal Distribution, t Distribution, F
Distribution and Chi-Squared distribution
Degrees of Freedom.
 Population versus Sample
Random Sampling
Estimator and Estimate
Unbiasedness of an Estimator and Bias
Sampling Variance of an Estimator (Efficiency)
Mean Squared Error (MSE)
Consistency of an Estimator
Sufficient conditions of Consistency
Law of Large Numbers (LLN)
Asymptotic Normality of an Estimator
Central Limit Theorem (CLT)
Estimators: Ordinary Least Squares, Maximum Likelihood Estimation
Confidence Interval (Interval Estimation)
Fundamentals of Hypothesis Testing
• Null and Alternative Hypothesis
• One-sided and Two-sided Alternative
• Type I and Type II Error
• Significance Level
• Power of a Test
 Test Statistic
• Critical Value
t Test for the Mean of a Normal Population
p-value of a Test.