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# Note for ECON 2370 at UH

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This 2 page Class Notes was uploaded by an elite notetaker on Friday February 6, 2015. The Class Notes belongs to a course at University of Houston taught by a professor in Fall. Since its upload, it has received 16 views.

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Date Created: 02/06/15
Econ 2370 Spring 2000 O Donnell a Correlation coef cient i Formula where Zidw 93214 27 ii Range of r gt 1 to 1 iii Interpretation of r gt 1 implies a very strong positive correlation scatterplot would show an upward sloping pattern with a tight clustering of points along the pattern 1 implies a very strong negative pattern 0 implies no pattern Note the value of r is not a measure of the slope 7 Using the correlation value to estimate the slope and intercept of the line that best represents the linear relationship between two variables Best tting line is called the regression line The best tting line is the line that gives the minimum distance between the points of data and the line The econometric course will examine how to produce the best tting line under different circumstances Let s take b to be the slope of the line and a as the intercept value the value where x20 The rst variable is x and its mean is i The second variable is y and its mean is g The formulas for b amp a are a 81gt Sm ay ba 19 Econ 2370 Spring 2000 O Donnell 7 Chapter 3 Describing Bivariate Data 1 Motivation Does the knowledge of the values of one variable help you understand the distribution of values of another variable How do you measure and assess this association a Economic theory tells us that price demanded falls as the available quantity of a good increase Supply of a good increases as prices rise Increasing the income of consumers for some goods can lead to an increase in price demanded for a good 2 Discussion on causality does the association between two variables always imply causality 3 Independent and dependent variables a Dependent variable variable of interest variations in the variable described by exploratory independent variables When theory describes a casuality be tween two variables values found in the dependent variable are heavily influenced caused by the exploratory or independent variables b Independent variables values found in an independent variable are not per ceived to be in uenced by other variables 4 Does every association between variables imply that there exists an independent and dependent variable No No No 5 Graphical presentation of bivariate data i The type of graphs used in economic textbooks are scatterplots 6 Tools to analyze the values in a scatterplot i Is there a pattern downward sloping pattern upward sloping pattern other patterns ii Clustering of the points along the pattern iii The presence of outliers 6 Numerical Measures of Bivariate data Interval variables xy 18

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