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Introduction to Micro-economics Technote. Creating a distribution; calculating a probability. Social science needs to add parts (individuals, firms, etc.) to create a whole. Market demand (private goods) adds horizontally Adding and summarising a group is a basic tool for all research

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introduction to micro economics technote

Introduction to Micro-economicsTechnote

Creating a distribution; calculating a probability

social science needs to add parts individuals firms etc to create a whole
Social science needs to add parts (individuals, firms, etc.) to create a whole
  • Market demand (private goods) adds horizontally
  • Adding and summarising a group is a basic tool for all research
  • We create a distribution of a group attribute (age) by counting members in categories
  • We can use a small sample to infer features of a population, provided the sample has important properties.
distribution of class ages
Distribution of Class Ages
  • Compute your age according to the hand out
  • Plotting the age in groups generates a distribution.
  • The wider the categories, the higher the count in each category, but the cruder the distribution
  • The narrower the categories, the sparser the count for a give group size.
  • Key attributes of any distribution are the mean (average) and variance (spread).
  • The graph defines a histogram
from distribution to probability
From distribution to probability
  • Define the area under the histogram/distribution as 1
  • This allows one to answer questions such as
    • What is the probability that some one is more than 19 in this class?
    • What is the probability that someone has an age between 16.75 and 17.50 years
normal distribution
Normal Distribution

Small variance

Large variance

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