December 2015
Intermediate to advanced
218 pages
4h 59m
English
Content preview from Statistics for Economics, Second Edition
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Introduction
A simple fact of life is that most phenomena have a random component. Human beings have a natural height that is different from the natural height of a dog or a tree. However, human beings are not all of the same height. The usually small range is governed by random variation, called error. For example, the range of height for adult human beings is roughly from 52 to 75 inches. This does not mean that 100% of all mankind are in this range. The small portions that are outside this range are considered outliers. Summarizing the height of human beings is very common in statistics. However, in science it is helpful to provide the associated level of confidence in a statement. For example, it is important ...
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