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An Introduction to Econometrics

An Introduction to Econometrics

Paperback

General Education

Currently unavailable to order

ISBN10: 1387992805
ISBN13: 9781387992805
Publisher: Lulu.com
Pages: 150
Weight: 0.46
Height: 0.35 Width: 6.00 Depth: 9.00
Language: English
Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations. Econometrics is an amalgam of Economic theory, mathematical economics, economic statistics and mathematical statistics. Economic theory makes statements or hypotheses that are mostly qualitative in nature, while econometrics given empirical content to most economic theory. for example, microeconomic theory states that, other things remaining the same, a reduction in the price of a commodity is expected to increase the quantity demanded of that commodity. Thus economic theory postulates a negative or inverse relationship between the price and quantity demanded of a commodity.

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