Published Nov 22, 2022
This course introduces students to describing economic data and drawing inferences from features of economic data. Starting from fundamental axioms of probability, students will learn about the calculation of probabilities of basic events and the features of random variables, the most important tool for representing the outcomes of complex economic phenomena. Students will describe discrete and continuous random variables via their probability distributions and summary statistics such as means and standard deviations, as well as the relationships between two random variables in terms of covariance, correlation, and simple regression models. The concepts of hypothesis testing and confidence intervals, and the fundamentals of statistical inference are discussed for basic features of random variables and for comparing the features of more than one random variable.
Prereq: ECON 101 or ECON 100/COMM 103; Not open to students in the Faculty of Mathematics. Coreq: ECON 211 or Science and Business students or Biotech/Chartered Professional Accountancy students.
We acknowledge that we are living and working on the traditional territory of the Attawandaron (also known as Neutral), Anishinaabeg and Haudenosaunee peoples. The University of Waterloo is situated on the Haldimand Tract, the land granted to the Six Nations that includes 10 kilometres on each side of the Grand River.
| apply basic statistical techniques and evaluate elementary data analysis |
| use probability theory to model random events. |
Week | Date | Topic | Readings Due |
|---|---|---|---|
| 1 | Jan 10
Jan 12 | Lecture 1 - Describing a Population, Sampling and Statistics Lecture 2 - Introduction to Probability Theory | Ch.1-2
Ch.3 |
| 2 | Jan 17 Jan 19 | Lecture 2 - Probability Theory – continued Lecture 3 - Discrete Random Variables | Ch.3 Ch.4 |
| 3 | Jan 24 Jan 26 | Lecture 3 – Discrete Random Variables - continued | Ch.4 |
| 4 | Jan 31 Feb 2 | *Wrap-up and Review* Midterm 1 (Feb 2) | |
| 5 | Feb 7 Feb 9 | Lecture 4 – Introduction to Continuous Random Variables | Ch.5-6 |
| 6 | Feb 14 Feb 16 | Lecture 5 – Normal Distribution and Joint Continuous Random Variables | Ch.5-6 |
| 7 | Feb 21 and 23 | No classes, No tutorial – Reading Week | |
| 8 | Feb 28 Mar 2 | Lecture 6 - Sampling Distributions of Estimators | Ch.6-7 |
| 9 | Mar 7 Mar 9 | Lecture 7 - Confidence Interval Estimation *Wrap-up and Review* | Ch.8
|
| 10 | Mar 14 Mar 16 | Midterm 2 (Mar 14) Lecture 8 - Introduction to Hypothesis Testing |
Ch.9 |
| 11 | Mar 21 Mar 23 | Lecture 9 – Errors in Hypothesis Testing and Useful Tests Lecture 10 - Two Population Model and Test for Difference of Means | Ch.9 Ch.10 |
| 12 | Mar 28 Mar 30 | Lecture 11 - Simple Regression – Model, Estimation, Hypothesis Tests | Ch.13 |
| 13 | Apr 4 Apr 6 | Lecture 11 - Simple Regression – continued *Wrap-up and Final Exam Details* |
| Title / Name | Notes / Comments | Required |
|---|---|---|
| Alexander Holmes, Barbara Illowsky, Susan Dean, Introductory Business Statistics Openstax, Rice University 2018. | Available for reading online or pdf download https://openstax.org/details/books/introductory-business-statistics | Yes |
| Component | Value |
|---|---|
| Assignments (3@ 5%) | 15% |
| Tutorial Participation | 10% |
| Midterm 1 (Feb 2) | 20% |
| Midterm 2 (Mar 14) | 20% |
| Final Exam (exam period) | 35% (or 55% by dropping lower Midterm) |
There will be three assignments over the course of the term. Each will count for 5% of the final grade. The assignments will be posted on LEARN. Students will type up their answers in a Word (.docx file) and R code/results with associated calculations. Turnitin matching software will be used to ensure that written answers reflect individual student work (see more below). Due dates to be announced. Without a prior arrangement with the instructor, no late assignments will be accepted.
Students are required to attend 10 tutorial meetings over the course of the term. Exercises will be given and reviewed. Students will be given problems to solve and submit and these will be graded (1 attended tutorial, 2 used correct approach, 3 solved problem out of 3). The best 8 out of 10 tutorial performances will be used to calculate the tutorial participation mark. No tutorial will be held on February 2nd (Midterm 1), February 23rd (reading week), March 16th (week of Midterm 2).
The midterm exams will be held in class on Thursday, February 2nd, and Tuesday, March 14th. They will test students’ proficiency with the material covered in the lectures, assignments and practice problems.
The final exam is comprehensive. The date will be set by the Registrar’s Office. The weight of one midterm will be automatically shifted to the final exam (raising the weight from 35% to 55% of the grade) if this leads to a higher grade for a student (no student request required).
Text matching software (Turnitin) will be used to screen assignments in this course. This is being done to verify that use of all material and sources in assignments is documented. In the first week of the term, details will be provided about the arrangements for the use of Turnitin and alternatives in this course. See Administrative Policy below for more information and links.
If a student is unable to take a midterm exam for documented reasons, the student’s mark will be based upon one midterm mark with the balance of the weight shifted to the final exam. If a second midterm is missed for a documented reason, a make-up midterm must be taken.
Please note that students who decide to take an exam cannot be given accommodation after the fact due to illness or personal complicating factors that may have affected their performance.
If you are not well on the day of an exam it is advisable that you not take the exam and obtain valid documentation of the circumstances of this decision.
All deferred Final Exam requests for economics courses are administered by the Economics Undergraduate Office. Please consult the Deferred Exam Policy at
https://uwaterloo.ca/economics/undergraduate/resources-and-policies/deferred-final-exam-policy.
All of us need a support system. The faculty and staff in Arts encourage students to seek out mental health support if they are needed.
On Campus
Due to COVID-19 and campus closures, services are available only online or by phone.
Off campus, 24/7
Full details can be found online on the Faculty of Arts website
Download UWaterloo and regional mental health resources (PDF)
Download the WatSafe app to your phone to quickly access mental health support information.
Academic integrity: In order to maintain a culture of academic integrity, members of the University of Waterloo community are expected to promote honesty, trust, fairness, respect and responsibility. [Check the Office of Academic Integrity for more information.]
Grievance: A student who believes that a decision affecting some aspect of their university life has been unfair or unreasonable may have grounds for initiating a grievance. Read Policy 70, Student Petitions and Grievances, Section 4. When in doubt, please be certain to contact the department’s administrative assistant who will provide further assistance.
Discipline: A student is expected to know what constitutes academic integrity to avoid committing an academic offence, and to take responsibility for their actions. [Check the Office of Academic Integrity for more information.] A student who is unsure whether an action constitutes an offence, or who needs help in learning how to avoid offences (e.g., plagiarism, cheating) or about “rules” for group work/collaboration should seek guidance from the course instructor, academic advisor, or the undergraduate associate dean. For information on categories of offences and types of penalties, students should refer to Policy 71, Student Discipline. For typical penalties, check Guidelines for the Assessment of Penalties.
Appeals: A decision made or penalty imposed under Policy 70, Student Petitions and Grievances (other than a petition) or Policy 71, Student Discipline may be appealed if there is a ground. A student who believes they have a ground for an appeal should refer to Policy 72, Student Appeals.
Note for students with disabilities: AccessAbility Services, located in Needles Hall, Room 1401, collaborates with all academic departments to arrange appropriate accommodations for students with disabilities without compromising the academic integrity of the curriculum. If you require academic accommodations to lessen the impact of your disability, please register with AccessAbility Services at the beginning of each academic term.
Turnitin.com: Text matching software (Turnitin®) may be used to screen assignments in this course. Turnitin® is used to verify that all materials and sources in assignments are documented. Students' submissions are stored on a U.S. server, therefore students must be given an alternative (e.g., scaffolded assignment or annotated bibliography), if they are concerned about their privacy and/or security. Students will be given due notice, in the first week of the term and/or at the time assignment details are provided, about arrangements and alternatives for the use of Turnitin in this course.
It is the responsibility of the student to notify the instructor if they, in the first week of term or at the time assignment details are provided, wish to submit alternate assignment.