Topic 1: Using Econometrics in My Local Area – A Student’s Exploration
Structure of the Assignment:
1. Introduction
o Briefly explain what econometrics is and what they’ve learnt in Unit I.
o Mention the aim: to connect theory to real-life situations in their community.
2. Observation/Issue from Local Area
o Students pick one issue from their hometown or college city:
Why is vegetable price fluctuating?
Why is unemployment higher in their area?
Why do bus fares increase during holidays?
Why is there less water/electricity usage in summer?
3. Applying Econometric Thinking
o How would they approach this using econometric methods?
What variables would they consider? (e.g., price, weather, income,
festival days)
What kind of data would be needed?
Would it be time series, cross-section, or panel data?
What is the dependent variable?
4. Basic Model Design (Simple idea)
o Frame a simple regression-like statement.
Example:
Electricity Consumption = a + b1(Temperature) +
b2(Income) + b3(Household Size)
5. Reflection
o What was easy or hard to imagine?
o Why is this type of analysis helpful for local governance, business, or policy?
6. Conclusion
o Importance of econometrics in understanding everyday economic issues.
Topic 2: A Day in My Life Through the Eyes of an Econometrician
Structure of Assignment:
1. Introduction – Me, An Econometrics Student
o Introduce themselves and what they’ve learnt in Unit I
o Mention the idea: how they tried to ―see‖ their daily life through the lens of
econometrics
2. My Daily Activities
o Wake up, eat, attend college, study, travel, browse phone, etc.
o For each, they pick one activity and ask:
➤ “Can data help me make this better?”
3. Applying Econometric Thinking
o For example:
“How many hours of sleep affects my concentration?”
→ Variables: sleep hours, study time, marks scored
“Does more screen time reduce my study hours?”
→ Variables: screen time, study hours
“Can I predict my monthly expenses based on outings and phone
recharge?”
→ Variables: number of outings, recharge amount, monthly spend
4. Forming a Simple Model
o For one of the above
Monthly Expenses = a + b1(Number of Outings) + b2(Phone Usage)
+ error
o Explain what is the dependent and independent variable
o Mention whether it would need time-series or cross-section data
5. Reflection
o How did it feel to think this way?
o Did they discover any new insights?
o Would they like to actually collect data and test it someday?
6. Conclusion
o Econometrics isn’t just for experts — even students can use it to understand
life better!
Topic 3: Designing an Econometric Study: Choosing a Topic and Creating
a Questionnaire
1. Title of Your Study
Choose a clear and focused title based on your topic.
Examples:
―Do Students with Part-Time Jobs Score Less in Exams?‖
―How Fuel Prices Affect Daily Expenses in My Town‖
―Does Screen Time Affect Sleep Among College Students?‖
2. Introduction
What is your topic about?
Why did you choose it? (Relate it to your daily life or your surroundings)
What do you hope to understand using data
3. Objectives of the Study
List 2 or 3 simple goals. These are questions you hope the data will help you answer.
Examples:
To find if part-time work hours affect students' study time
To understand the spending pattern on mobile data
To examine the link between sleep hours and academic focus
4. Target Group and Sampling
Who will you give the questionnaire to? (E.g., college students, local shopkeepers,
family members)
How many people? (Recommend 15–30)
How will you choose them? (Convenience sampling, random, etc.)
5. The Questionnaire (2–3 pages)
Design your questionnaire with at least 10–15 questions, including: Demographic Questions,
Closed-ended Questions, Scale-Based Questions.
6. Conclusion and Reflection (½ page)
What did you learn while creating the questionnaire?
Was it easy or hard to think of good questions?
Why do you think collecting data like this is important in econometrics?
