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 in n equally likely, mutually exclusive and exhaustive outcomes and m of which are favorable to the occurrences of an event A,...
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Sample Space in 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 everyone. In our daily life we make statements such as the following; “It is likely to rain today.” “I will probably go abroad...
Aggregate Demand : Summary
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 generally we also know that the amount of cash people want to keep depends proportionately on the prices of those products or...
Types and Strategies of Game Theory
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 studies.Types of Game Theory Cooperative Game : It is an economic game played by firms in which players or firms can negotiate on binding...
Game Theory: The Complete Guide to Nash Equilibrium, Dominance, Credible Threats and the Folk Theorem
The complete guide to game theory: von Neumann and the RAND Corporation, the Prisoner’s Dilemma, dominance, Nash equilibrium and its existence proof, mixed strategies, credible threats and commitment, the Folk Theorem, Cournot and Bertrand, OPEC’s discipline problem — with worked mathematics, four practice questions with answers, and the experimental evidence that common knowledge of rationality is false.
Circular Flow of Income
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 national income identity are covered from first principles in the Economics Made Simple Complete Bundle — textbook, practice...
Standard Deviation
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 — dividing by n or by n − 1 — and getting it wrong costs marks. Statistics Made Simple explains exactly when each applies,...
Quartile Deviation
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 semi-interquartile range. Here, the difference between the third and first quartiles is called interquartile range. The interquartile...
Basics of Correlation
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 approach. Correlation is an analysis in which we study the degree of closeness of relationship between the variables.” Explanation...
Regression
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 process by which we estimate one of the variables, which is dependent variable, on the basis of another variable, which is...
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