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Econometrics

What is Panel Data – Advantages, Types and Uses

Let’s start with the definition of Panel data. Panel data has both cross-sectional and time-series features. Why Cross-sectional? Simply because panel data is created from various cross-sectional units. And why timeseries? because information on those cross-sectional units is collected across different time periods. It can be years, months or days or any other interval. Types…

Econometrics

Six Ways to Test For a Normal Distribution

 What is normality? Normality is a property of a random variable that follows normal probability distribution. A normal distribution has a zero mean with one standard deviation. In a graphical format, a ‘Normal’ distribution will appear as a bell curve, symmetric about the mean. In the Classical linear Regression model or in certain statistical tests,…

Economics

Types of Indifference Curve || Microeconomics

The Indifference curve shows combinations of food and clothing that yield equal satisfaction and among which the consumer is indifferent. In the diagram below, point ‘g’ is more preferred than point ‘h’. The slope of tangent ‘T’ gives the marginal rate of substitution at point ‘b’. Moving down the curve from ‘b’ to ‘f’, the…

Economics

Theory of Production || Stages of Production || Economics

Production : Production can be defined as the transformation of resources into products or the process whereby inputs are turned into outputs through technological innovations. The efficiency of this process depends upon 3 factors The proportion in which the various inputs are employed The absolute level of each input The productivity of each input at…

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About Me

Hi, I am a Data Scientist working in an Investment Bank. I also hold a Masters in Applied Econometrics. I love to learn and try new things. Through this blog I will share my knowledge around various topics of Economics and Data Science.

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