ECON 203 1st Edition Lecture 5 Outline of Last LectureI. Review of key class features1. Office Hours 2. HomeworkII. Aplia Homework 21. Hypothesis Testing, Example 12i. Relevant Point Estimateii. Value of Test Statisticiii. P-valueiv. Type I error conclusionCurrent Lecture OutlineI. Statistical Inference: Single Population Variance1. Data Set2. When to use variance3. Transformation4. Chi-Squared5. Example slide 8 page 466. P-Value7. Example slide 11 page 48Current LectureI. Statistical Inference: Single Population Variance1. Data Set- Will always be one data set2. When to use variance- Wanting to find consistence of a production- Assessing risk of investment3. Transformation- S^2 becomes X^2 through the formula ((n-1)*(s^2))/(standard dev^2)- Takes us from sample distribution to standardized distribution4. Chi-Squared- Looks like X^2- Non negative distributionThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- The number in the bottom right corner of chi-squared is always on the right side of the distribution graph5. Example on slide 8 page 46- Do not reject null hypothesis because insufficient evidence to prove alternative6. P-Value- Always the area on the graph between chi-squared and the end of the rejection region.7. Example on slide 11 page 48- (19*5.7)/4.0 = 27.075- Chi-squared.05,19 = 30.14353- Do not reject H0 Insufficient
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