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Econometrics Assignment Help

When mathematical or statistical concepts or methods are used in explaining the systems of economics then it is known as Econometrics. That means when economic data is calculated with the help of statistical or mathematical applications it is called as Econometrics. Econometrics includes theoretical and practical applications. When talking about theoretical part it includes study of statistical properties for an example: sampling method. However; if we talk about practical applications, it will include statistical and mathematical formulas or applications for economic models and theories. Studying Econometrics is very important as it gives a clear base to students which will further help them so much while practicing economics. So, it fills up the gap for both the stages of being a student and being an economist.

An easy example that will explain a relation between income and consumption is given below:

C = f(i)

Where C = consumption and i = income.

Now, demand for an individual item for example BMW X-6, can be expressed as:

qd = f(p, ps , pc, i)

Here quantity for BMW X-6 demanded, qd, is a function f(p, ps, pc, i) of the price of BMW X-6 p, the price of cars that are substitutes ps, the price of items that are complements pc, like gasoline and the level of income i.

Now, supply for a commodity like Chicken can be expressed as:

qs= f(p, pc , pf)

Here qsis the quantity that is supplied, p is the price of chicken, pc is the price of competitive products and pf is the price of factors used in the process of production.

Topics that are included in Econometrics are:

  1. Linear Regression

  2. Non-Linear Regression

  3. Multiple Regression

  4. Dummy Variables

  5. Heteroskedasticity

  6. Multicollinearity

  7. Panel Data Analysis

  8. Time Series Analysis

  9. Large Sample Theory

  10. Simultaneous Equation Models.

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