“It is a normal distribution!!” exclaims Booka, the owner of Bookwebki. Invo the investor is curious, “What is that?” Booka replies, “I tried to draw a histogram of my store’s sales on a type of book with different designs, and it came up very close to a normal distribution.” We all look at the teacher, “What is a histogram?” Professor Metric, our teacher, responds cheerfully that we will learn these basic concepts very soon and that by the time we finish this chapter, we will be able to do the following:
1. Discuss the nature of an econometric model.
2. Explain basic concepts of probability.
3. Distinguish inferential statistics from descriptive statistics.
4. Perform simple data manipulations and calculations using Excel. ...