University of Waterloo - ECON 221: Statistics for Economists (Solutions)

ECON 221 - Statistics for Economists at the University of Manitoba introduces students to the fundamentals of economic data analysis and inference drawing. Covering a range of topics including population description, sampling, basic set theory, probability theory, random variables, sampling distributions, estimator evaluation, hypothesis testing, and regression analysis, the course aims to equip students with the skills necessary for applying basic statistical techniques, modeling random events using probability theory, comprehending hypothesis testing and confidence intervals, mastering statistical inference, and understanding the properties of discrete and continuous random variables. Additionally, students will learn about the relationships between random variables through covariance, correlation, and simple regression models.

✔ By the end of this course, you should be able to:

• understand the principles of sampling and data collection;
• apply descriptive statistics techniques to summarize and interpret data;
• demonstrate proficiency in probability concepts;
• analyze discrete random variables and their distributions;
• analyze continuous random variables and their distributions, particularly the normal distribution;
• understand the implications and applications of the Central Limit Theorem;
• construct and interpret confidence intervals for population parameters;
• conduct hypothesis tests and interpret their results;
• perform hypothesis testing with one sample;
• and - apply linear regression analysis and interpret correlation coefficients.