Simple 4 Step T Test

The t-statistic was introduced in 1908 by William Sealy Gosset, a chemist working for the Guinness brewery in Dublin, Ireland. “Student” was his pen name. Gosset had been hired owing to Claude Guinness’s policy of recruiting the best graduates from Oxford and Cambridge to apply biochemistry and statistics to Guinness’s industrial processes. Gosset devised the t-test as an economical way to monitor the quality of stout.  When given a t-test question, we must first find the following: … Continue reading Simple 4 Step T Test

Statistics Introduction

Statistics can refer to numerical facts or its field of study: a group of methods used to collect, analyse, present, and interpret data and to make decisions. Decisions made by using statistical methods are called educated guesses. Like other fields of study, statistics has two aspects: theoretical and applied. Firstly, theoretical statistics deals with the … Continue reading Statistics Introduction

Functions of Many Variables

Functions with more than one independent variable. y=f(x) => one independent variable. Not just price, but incomes, ect. are independent. z=f(x, y)     Here, z = dependent, x & y = independent. Example: z=100-2x+5y z=3×2-9y z=e2x+3y     Expediential fn. Example 1: z=150-2x-3y X-Intercept  (z=0, y=0) 0= 150-2x-3(0) => x=150/2 =75       (75, 0, 0) Y-Intercept  (x=0, z=0) 0= … Continue reading Functions of Many Variables