Probability with examples

Probability, Statistics

Probability Definition ”The classic coin, dice and card problems here are the building blocks for every distribution and hypothesis test that follows. The Statistics Made Simple textbook builds probability up from exactly these foundations. If an experiment can result...

Sample Space in Statistics

Probability, Statistics

Introduction Sample space and event notation is the vocabulary every later probability topic depends on. The Statistics Made Simple textbook builds probability from these exact foundations with a modern, worked-example approach. The idea of probability is familiar to...

Aggregate Demand : Summary

Aggregate Demand and Supply, Macroeconomics

Aggregate Demand We know that when it comes to people demand for money – there are 3 elements that has the ability to change the decisions of the individuals in either spending more or less. And these elements are: Income (Output) Interest rate (I) Price Level (P) In...

Types and Strategies of Game Theory

Game Theory, Microeconomics

Study smarterCooperative and non-cooperative games, dominant strategies and Nash equilibrium are covered with worked payoff matrices in the Economics Made Simple Complete Bundle — textbook, practice questions with mark schemes, flashcards and 100 case...

Game Theory: The Complete Guide to Nash Equilibrium, Dominance, Credible Threats and the Folk Theorem

Game Theory, Microeconomics, Oligopoly

Microeconomics · Complete Pillar Guide Two prisoners, reasoning perfectly, condemn themselves to eight years each when they could have served one. Nothing they know can save them. This is the discovery that broke the invisible hand — and it began in a Princeton common...

Circular Flow of Income

Macroeconomics, Microeconomics

The Circular Flow of Income is a macroeconomic model showing how money, goods, and services flow continuously between households and firms — and how injections and leakages affect the size of the flow. Study smarterThe circular flow, injections and leakages and the...

Standard Deviation

Statistics

Definition Standard deviation is the positive square root of the mean of the squared deviations of values from their mean. It measures how spread out the values in a dataset are around the average. Standard deviation is where two conventions quietly diverge —...

Quartile Deviation

Statistics

Definition The quartile deviation is half the difference between the third quartile and the first quartile of a frequency distribution, or simply distribution. Mathematically, quartile deviation would be represented as follows; Quartile deviation is also known as...

Basics of Correlation

Statistics

  Definition “Correlation is easy to calculate and easy to misinterpret — the two properties that make it one of the most exam-tested topics in statistics. The Statistics Made Simple textbook covers correlation and its pitfalls with a modern, worked-example...

Regression

Regression, Statistics

Definition “The least-squares method here is the same one that powers every regression model in modern data science, just done by hand. The Statistics Made Simple textbook builds this up from the same starting point with matching practice questions. Regression is a...