Course Outline

ECON-6208        Statistics for Economists             

The main objective of this course is to acquaint students with the basic techniques of statistical methods with strong emphasis on its application to economic theories and principles.


1. Descriptive and inferential statistics

  1. The four basic activities in statistics
  2. Type of measurement scale
  3. Types of data, errors, biased and unbiased

2. Presentation of Date and Measure of Central Tendency

  1. The frequency distribution and its types
  2. Graphic and diagrammatic representation
  3. Types of Averages
  4. Quintiles

3. Measure of Dispersion, Skewness and Kurtosis

  1. Absolute and relative measure of dispersion
  2. Standardized variable
  3.  Coefficient of skewness and Kurtosis

4. Probability and Probability Distribution

  1. Discrete and continuous distributions: Binomial, Poisson and Normal Distribution

5.Survey Sampling and Sampling Distributions

  1. Sampling distribution
  2. The central limit theorem
  3. Sampling distributions for single mean and proportion
  4. Difference of means and proportions

6.  Estimation and Confidence Intervals

  1. C.I  about the population mean and proportion for small and large samples
  2. Confidence interval for differences of means and population proportion
  3. One sided confidence interval

7. Simple Linear Regression and Correlation Analysis

  1. Linear regression analysis
  2. Correlation analysis and rank correlation
  3. Estimation of the mean values and predication of individual values

8. Multiple Linear Regression and Correlation Analysis

  1. Multiple regression analysis
  2. Matrix approach and deviation form
  3. Multicollinearity
  4.  Global test and Individual variable significance test
  5. Multiple correlation and partial correlation

9. Applied Statistics

  1. Index Numbers and its application in economics
  2. Time series analysis and forecasting
  3. Modeling cyclic behavior using box-Jenkins ARIMA processes
  4. Regression analysis in forecasting
  5. Delphi method and expert judgment 

Recommended Books

  1. Lind, Douglas A., Marshal, William G. and Mason, Robert D., Statistical Techniques in Business and Economics ,15th ed. (Boston: McGraw Hill, 2015).
  2. Chaudhry, Sher Mohammad and Kamal, Shahid, Introduction to Statistical Theory , 7th ed. (Lahore: IlmiKitabKhana, 2010).

Suggested Books 

  1. Siegel, Andrew F., Practical Business Statistics ,7th ed. (Boston: McGraw Hill, 2012).
  2. Newbold, Paul, Carlson, William L. and Thorne, Betty M, Statistics for Business and Economics, 5th ed. (New Jersey: Prentice Hall,