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Statistics for Economics by Shahdad Naghshpour

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Chapter 6

Point and Interval Estimation

Estimation Versus Inference

There are two distinct ways of using statistics: Descriptive statistics and inferential statistics. Descriptive statistics provide summary statistics in the forms of tables, graphs, or computed values. We can use descriptive statistics to describe population data or sample data. Inferential statistics is used to draw conclusions about population parameters using sample statistics. Obtaining sample statistics for inferential statistics is the same as obtaining them for descriptive statistics. The use of the sample statistics determines whether it is descriptive or inferential. The statistics obtained from a sample for the purpose of inference is called estimation, to emphasize ...

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