Descriptive statistics Descriptive statistics are tabular, graphical, and numerical summaries of data. The purpose of descriptive statistics is to facilitate the presentation and interpretation of data. Most of the statistical presentations appearing in newspapers and magazines are descriptive in nature. Univariate methods of descriptive statistics use data to enhance the understanding of a single variable; multivariate methods focus on using statistics to understand the relationships among two or more variables.
The development of econometrics had an impact on economics in general, since those who formulated new theories began to cast them in terms that allowed empirical testing. Early econometric studies attempted to quantify the relationship between the price of a commodity and the amount sold.
In theory, the demand individual consumers have for particular goods and services will depend on their incomes and on the prices of items they intend to buy. Changes in price and income are expected to affect the total quantity sold. Early econometricians used market statistics compiled over time to study the relationship between changes in price and demand.
Others used family-budget statistics broken down by income level to estimate relationships between income and expenditure. Such studies show which commodities are elastic in demand i.
Consumption patterns, however, are not the only phenomena studied in econometrics. On the producer side, econometric analysis examines productioncostand supply functions. The earliest statistical analyses of the production function tested the theory that labour and capital are compensated according to their marginal productivity —i.
Later analyses, however, suggest that the wage rate, when adjusted for price changes, is related to labour productivity. Econometric analysis has refuted some assumptions in cost theory.
Work in the field of cost functions, for example, originally tested the theory that marginal cost —the addition to total cost resulting from an increase in output —first declines as production expands but ultimately begins to rise.
Econometric studies, however, indicate that marginal cost tends to remain more or less constant. Work in estimating supply functions has been confined mostly to agriculture.
Here the problem is to distinguish the effects of external factors, such as temperature, rainfall, and pestilence, from those of endogenous factors, such as changes in prices and inputs. After the mids the development of national income accounting and of macroeconomic theory opened the way for macroeconomic model building, which involved attempts to describe an entire economy in mathematical and statistical terms.
The model developed by L. A model jointly constructed by the U. Federal Reserve Board, the Massachusetts Institute of Technologyand the University of Pennsylvania is specially designed to handle the entire monetary sector.
It has a large number of financial equations with a detailed lag structure and supplementary equations to show the main directions of monetary influence on the economy. Similar models have been developed in a number of advanced industrial countries, and many have been constructed for developing economies as well.
A major purpose in the development of macro models has been to improve economic forecasting and the analysis of public policy. Models have also been applied to the analysis of economic fluctuations and economic growth. Learn More in these related Britannica articles:Scripts People Live: Transactional Analysis of Life Scripts [Claude Steiner] on iridis-photo-restoration.com *FREE* shipping on qualifying offers.
When Claude Steiner and the late Eric Berne developed the theory of Transactional Analysis, their basic belief that people were “born princes and princess.
Statistics: Statistics, the science of collecting, analyzing, presenting, and interpreting data. Governmental needs for census data as well as information about a variety of economic activities provided much of the early impetus for the field of statistics. Currently the need to turn the large amounts of data.
Past research by UC Riverside psychologist Megan Robbins has emphasized the power of first-person personal pronouns such as "we" and "us" in relationships.
North South University is the first private university of Bangladesh, It was established in Approved by the University Grants Commission (UGC) of Bangladesh. Target reflection, interpretation, analysis, or problem solving Generally, the aim of having a discussion is to prompt students to think in ways that stretch their understanding of a given topic/subject.
Opinion mining (sometimes known as sentiment analysis or emotion AI) refers to the use of natural language processing, text analysis, computational linguistics, and biometrics to systematically identify, extract, quantify, and study affective states and subjective information.
Sentiment analysis is widely applied to voice of the customer materials .