DEPARTMENT OF ECONOMICS

ECO102-2 - Statistical Methods for Economics

Comprehensive Course Plan – EVEN Semester 2024

SECTION I: COURSE INTRODUCTION

Class 2BAEPOL / 2BMPA Semester 2

Course title Statistical Methods for Economics Course Code ECO 102-2

Hours 60 Hours per week 4

Faculty name Susanthika S Contact details [email protected]

● Students are expected to observe the discipline and maintain the decorum of the class.
Class policies and ● Students are expected to be present in the class in time for the lecture.
guidelines ● Attendance shall be taken in the first five minutes of the commencement of the session. Latecomers
will not be given attendance.
● Students will not be permitted to leave the session after being given attendance.
● Regular attendance and active participation of the students in the subject discussion is desired.
● Eatables are not allowed inside the class.
● Mobile phones should be switched off and kept inside the bag during class hours.
● Laptops can be used by the students during the class hours as per the requirement of the course.
● For further guidance, help or clearing doubts related to the course, the students are free to meet the
course facilitator during the office hours, with prior appointment.
● As students at CHRIST (Deemed to be University), we expect our students to exhibit student
professionalism.
● 2BAEPOL Google classroom link:https://classroom.google.com/c/NzM2MzQ1NTgwNjcx?cjc=c5khfkj
● 2BAEPOL Google classroom code: c5khfkj
● 2BMPA Google classroom link: https://classroom.google.com/c/NzE2MDgwMjUxNDcy?cjc=fmvla2f
● 2BMPA Google classroom code: fmvla2f

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 This course emphasizes both the theoretical and the practical aspects of statistical analysis, focusing on
Course techniques for estimating statistical models of various kinds. The goal is to help you develop a solid
Description theoretical background in statistics, the ability to implement the techniques and to critique empirical studies in
social sciences.

On completion of the course students should be able to:

Course
Objectives  To acquire basic skills in applied statistics;
 To develop skills in the field of economic analysis and reasoning;
 To develop skills in the analysis and presentation of data.

Upon successful completion of this course, the students will be able to

Course
Outcomes • CO1: Explain what is meant by descriptive statistics and inferential statistics.
• CO2: Understand the characteristics, uses, advantages, and disadvantages of each measure of central
tendency and measure of dispersion.
• CO3: Describe the classical, empirical, and subjective approaches to probability.
• CO4: Describe the five-step hypothesis testing.
• CO5: Calculate and interpret the coefficient of correlation, the coefficient of determination and the
standard error of the estimate.

Problem Solving Skill Experiential Learning Participatory Learning ICT Tool

Student Learning
Methods

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 SECTION II: WEEKWISE & UNITWISE DESCRIPTION

Week
Unit Topic(s) Details (starting and Pedagogy Resources/Reference Details
end dates)
UNIT 1: Measures of Central Tendency: 03 Interactive lectures,  S. P. Gupta, Statistical
Measures of December, reviewing of research
Mean, median and mode - Methods, Sultan Chand&
2024 – 07 works, Case studies
Central
December, using real-world Sons; 1stedition (2014).
Tendency and 2024 examples, PPT, Lecture,
 Clark, Megan J. and John
Q&A and Class
Dispersion (15
Discussion A. Randal (2010) A First
Hrs)
Course in Applied
Statistics, 2nd edition,
Pearson Education.
 Lewis, Margaret (2011)
Applied Statistics for
Economists, Routledge.
UNIT 1: Geometric and Harmonic Means - 08 Interactive lectures,  Knut Sydsaeter and Peter J.
Measures of Measures of Dispersion: Range, December, reviewing of research
Hammond (2002),
Central interquartile range, 2024 – 14 works, Case studies
Tendency and December, using real-world Mathematics for Economic
Dispersion (15 2024 examples, PPT, Lecture,
Analysis. Pearson
Hrs) Q&A and Class
Discussion Educational Asia: Delhi
 Simon, C. P., & Blume, L.
(1994). Mathematics for
economists (Vol. 7). New
York: Norton.

3
 UNIT 1: Quartile deviation, mean deviation, 14 Interactive lectures,  Knut Sydsaeter and Peter J.
Measures of December, reviewing of research
standard deviation and Lorenz Hammond (2002),
Central 2024 – 20 works, Case studies
Tendency and curve December, using real-world Mathematics for Economic
Dispersion (15 2024 examples, PPT, Lecture,
Analysis. Pearson
Hrs) Q&A and Class
Discussion Educational Asia: Delhi
 Simon, C. P., & Blume, L.
(1994). Mathematics for
economists (Vol. 7). New
York: Norton.
UNIT 1: Moments, Skewness and 3 January, Interactive lectures,  Knut Sydsaeter and Peter
Measures of Kurtosis. Partition Values- 2025 – 12 reviewing of research
J. Hammond (2002),
Central Quartiles- Deciles- Percentiles. January, works, Case studies
Tendency and 2025 using real-world Mathematics for Economic
Dispersion (15 examples, PPT, Lecture,
Analysis. Pearson
Hrs) Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.

UNIT 2: Index Meaning and Importance of Index 13 January Interactive lectures,  Knut Sydsaeter and Peter
Numbers (15 Number– problems in the 2025 – 19 reviewing of research
J. Hammond (2002),
Hrs.) construction of index numbers – January, works, Case studies
Types of index numbers: price 2025 using real-world Mathematics for Economic
index – quantity index – value examples, PPT, Lecture,
Analysis. Pearson
index Q&A and Class
Discussion Educational Asia: Delhi

4
  Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
UNIT 2: Index Construction of price index 20 January, Interactive lectures,  Knut Sydsaeter and Peter
Numbers (15 2025 – 26 reviewing of research
numbers: unweighted and J. Hammond (2002),
Hrs.) January, works, Case studies
weighted indices – construction of 2025 using real-world Mathematics for Economic
examples, PPT, Lecture,
quantity and value indices Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
Deadline: CIA I: 20th January, 2025 Monday IST 11.59PM

UNIT 2: Index Tests of adequacy of index number 27 January, Interactive lectures,  Knut Sydsaeter and Peter
Numbers (15 formulae – deflating; Consumer 2025 – 02 reviewing of research
J. Hammond (2002),
Hrs.) Price Index Number: meaning and February, works, Case studies
uses – problems in the construction 2025 using real-world Mathematics for Economic
of cost of living index number examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi

UNIT 2: Index Methods of constructing Interactive lectures,  Knut Sydsaeter and Peter
Numbers (15 cost of living index: reviewing of research
J. Hammond (2002),
Hrs.) aggregate expenditure works, Case studies
and family budget using real-world Mathematics for Economic
methods – limitations of examples, PPT, Lecture,
Analysis. Pearson
index numbers. Q&A and Class

5
 Discussion Educational Asia: Delhi
 Chiang A C (1986).
Fundamental Methods of
Mathematical Economics,
McGraw Hill, New York.
UNIT 3: Meaning- Set theory- Permutations 03 February, Interactive lectures,  Knut Sydsaeter and Peter
Probability and Combinations- Theorems of 2025 – 09 reviewing of research
J. Hammond (2002),
Concepts (10 probability- Rules of Addition- February, works, Case studies
Hrs.) Rules of Multiplication 2025 using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Chiang A C (1986).
Fundamental Methods of
Mathematical Economics,
McGraw Hill, New York.
UNIT 3: Probability distribution- 10 February, Interactive lectures,  Knut Sydsaeter and Peter
Probability Random Variables- Discrete 2025 – 16 reviewing of research
J. Hammond (2002),
Concepts (10 Random Variable- Continuous February, works, Case studies
Hrs.) Random Variable- 2025 using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Chiang A C (1986).
Fundamental Methods of
Mathematical Economics,
McGraw Hill, New York.
MSE Date: 17-22 February, 2025

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 UNIT 3: Binomial -Poisson. Normal 24 February, Interactive lectures,  Knut Sydsaeter and Peter
Probability distribution. 2025 – 04 reviewing of research
J. Hammond (2002),
Concepts (10 March, 2025 works, Case studies
Hrs.) using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Simon, C. P., & Blume, L.
(1994). Mathematics for
economists (Vol. 7). New
York: Norton.
UNIT 4: Meaning - Types of correlation - 05 March, Interactive lectures,  Knut Sydsaeter and Peter
Correlation 2025 – 12 reviewing of research
Methods of studying correlation: J. Hammond (2002),
Analysis (10 March, 2025 works, Case studies
Hrs.) Scatter diagram method, Graphic using real-world Mathematics for Economic
examples, PPT, Lecture,
method Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Simon, C. P., & Blume, L.
(1994). Mathematics for
economists (Vol. 7). New
York: Norton.
UNIT 4: 13 March, Interactive lectures,  Knut Sydsaeter and Peter
Correlation Karl Pearson’s co-efficient of 2025 – 23 reviewing of research
correlation, Rank method, J. Hammond (2002),
Analysis (10 March, 2025 works, Case studies
Hrs.) Concurrent deviation method using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Simon, C. P., & Blume, L.

7
 (1994). Mathematics for
economists (Vol. 7). New
York: Norton.
UNIT 4: 23 March, Interactive lectures,  Knut Sydsaeter and Peter
Correlation The Coefficient of Determination- 2025 – 30 reviewing of research
Partial correlation. J. Hammond (2002),
Analysis (10 March, 2025 works, Case studies
Hrs.) using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
UNIT 5 Testing Hypothesis-Null and Alternative Interactive lectures,  Knut Sydsaeter and Peter
of Hypothesis reviewing of research
Hypothesis- Hypothesis Testing J. Hammond (2002),
(10 Hrs.) works, Case studies
(P-value approach and critical using real-world Mathematics for Economic
examples, PPT, Lecture,
value approach) Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
Deadline: CIA III: 30th March, 2025 Sunday IST 11.59PM

8
 UNIT 5 Testing 31 March, Interactive lectures,  Knut Sydsaeter and Peter
of Hypothesis Errors in testing of Hypothesis- 2025 – 10 reviewing of research
Type I and Type II errors, power April, 2025 J. Hammond (2002),
(10 Hrs.) works, Case studies
of a test-One-Tailed and Two- using real-world Mathematics for Economic
Tailed - Tests of Significance - examples, PPT, Lecture,
power of a test Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
UNIT 5 Testing Test- Z Test and Chi Square 11 April. Interactive lectures,  Knut Sydsaeter and Peter
of Hypothesis test. 2025 - 26 reviewing of research
J. Hammond (2002),
(10 Hrs.) April, 2025 works, Case studies
using real-world Mathematics for Economic
examples, PPT, Lecture,
Analysis. Pearson
Q&A and Class
Discussion Educational Asia: Delhi
 Allen R G D (1974).
Mathematical Analysis for
Economists, McMillan
Press and ELBS, London.
ESE Dates: 01 to 19 May, 2025

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 SECTION III: ASSESSMENT AND MAPPING

Mapping of Programme Outcomes (POs) against the Course Outcomes (COs) is given below:

Course Programme Outcomes

Outcomes PO11 PO22 PO33 PO44 PO55

CO1 3 - 1 - -

CO2 2 - - - -

CO3 3 - 2 - -

CO4 2 1 - 1 3

CO5 - 1 - - 1

1
Explain the fundamental and applied concepts from a pluralistic approach by examining new frontiers in knowledge
that cuts across disciplinary boundaries .
2
Critically evaluate economic theory, developmental policies and outcomes, political theories, ideas and ideology,
social systems and interventions to promote a just and humane society .
3
Demonstrate ethical thinking by raising and encouraging normative questions and positions .
4
Demonstrate effective communication skills through group discussions, oral and written presentations .
5
Engage in problem solving from multidisciplinary perspectives by recognising and comprehending that economic
problems are not only situated in an economy but also in society and polity .

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Mapping the COs and Unit/Topic details to the following wherever applicable. If not applicable, please enter that.

Cross-cutting issues
Local, Regional, National, relating to Professional Employability/
Sustainable
Course Outcomes Global and Development Ethics, Gender, Human Entrepreneurship/ Skill
Development Goals
Needs (LRNG) Values, Environment Development
and Sustainability

Skill Development in Data

CO1 Global NA NA
Analysis

Skill Development in
CO2 Local, National NA NA
Statistical Analysis

Employability in Statistical Quality Education

CO3 Global NA
Modelling (SDG 4)

Decent Work and

Professional Ethics, Skill Development in
CO4 National, Global Economic Growth
Human Values Research and Data Analysis
(SDG 8)

Decent Work and

Environment and Skill Development in Data
CO5 Local, National Economic Growth
Sustainability Interpretation and Research
(SDG 8)

Topic/Module Details

UNIT I: Measures of Skill Development in

Quality Education
Central Tendency and Local, National NA Statistical Analysis and Data
(SDG 4)
Dispersion Interpretation

Skill Development in Decent Work and

UNIT II: Index Numbers National, Global NA Economic and Statistical Economic Growth
Modelling (SDG 8)

UNIT III: Probability Global NA Employability in Risk Quality Education

Concepts Analysis and Statistical (SDG 4)
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 Modelling

Decent Work and

Environment and Skill Development in Data
UNIT IV: Correlation Economic Growth
Local, National Sustainability, Social Interpretation, Research, and
Analysis (SDG 8), Climate
Equity Social Impact Analysis
Action (SDG 13)

Decent Work and

Skill Development in Economic Growth
UNIT V: Testing of Professional Ethics,
National, Global Hypothesis Testing and (SDG 8), Reduced
Hypothesis Social Impact
Research Inequality (SDG
10)

Mapping Learning Outcomes of the course against the components of assessment is given below:

Course Outcomes CIA I CIA II CIA III ESE

CCO1: Explain what is meant by descriptive statistics and 5 5 - 7
inferential statistics.
CCO2: Understand the characteristics, uses advantages, and
disadvantages of each measure of central tendency and measure 5 10 - 7
of dispersion.

CCO3: Describe the classical, empirical, and subjective - 10 5 10

approaches to probability.

CCO4: Describe the five-step hypothesis testing. - - - 13

CCO5: Calculate and interpret the coefficient of correlation, the

coefficient of determination and the standard error of the - - 5 13
estimate.

Assessment outline: The weightage of marks allotted is as follows

12
 CIA I CIA II CIA III ESE Attendance Total
10 25 10 50 05 100

SECTION IV: ASSESSMENT AND EVALUATION DESCRIPTION

CIA-I (Problem Solving Skills, ICT)

Assessment CIA – I: Calculating Mean, Median and Mode of real-life data using excel (Unit 1)
Description
Individual CIA – I (20 Marks)
Assignment Unit test
Details Deadline: 20th January, 2025 Monday IST 11.59PM
Assignment CIA-I will be unit test consisting of unit 1 and 2 (topics covered upto 15th January 2024) to test the basic
description: concepts relating to meaning, nature and scope of statistics and some more important basics of statistics. CIA
I will be of 20 marks.
After completion of the CIA I, the student will gain the following:
Learning  Understand meaning, nature and scope of statistics.
outcomes:  Understand basics and calculation of descriptive statistics like Mean, Median and Mode in excel
 Analyse and interpret the results
Evaluation rubrics are as follows:
Method of
Criteria Component of the evaluation rubrics
Evaluation assessment
Rubric/s:
Conceptual clarity
Conceptual Clarity: Each right answer will be checked and given
Test
marks accordingly

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 Mathematical
Conceptual Clarity: Each right answer will be checked and given
Rigor Test
marks accordingly

Interpretation
Test Correct interpretation

More details of the report:

1. Free databases available in the campus library like CMIE PROWESS IQ, Economic Outlook, etc
should be used for data collection, and practice.
General 2. Unit test date is 20th January, 2025. Repeat unit test is not an option.
Instructions:
3. Bring your laptops for test.
4. Using In-built functions in excel will not be accounted for marking.

Deadline: CIA I: 20th January, 2025 Monday IST 11.59PM

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 Mapping the Learning Outcomes of the assignment with components of the evaluation rubrics:

Cours Method of Component of the

Program e Learning Outcomes of the assignment assessmen evaluation
Outcome Outco
me t rubrics
PO2, PO5 CO 2 To have the conceptual clarity on meaning, nature and scope of Unit test Conceptual clarity
statistics.
CO 1 To exhibit strong proficiency in deriving basics of statistics like Mathematical
mean, median and mode in excel Rigor
CO 1 To have the knowledge and skill sets required for interpreting the Interpretation
results.

CIA- II (Problem Solving Skills)

Mid Semester Examination
Syllabus: Unit 1 and 2
Date: 17-22 February, 2025
Pattern: Section A (5*6) and Section B (10*2)
Marks: 50

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 CIA-III (ParticipatoryICT Tool Experiential Learning)

Assessment CIA – III: Group Assignment and Research Poster Presentation on contemporary issues faced by India
Description
CIA-III
Individual Research Poster Presentation on the contemporary issues faced by India
Assignment (Group assignment)
Details A group will contain 03 (THREE) members
Deadline: 30th March, 2025 IST 11.59PM

Students shall be divided into groups. Each of the groups can choose any of the contemporary issues faced by India.
The students will then have to investigate the issue using empirical analysis (descriptive and analytical). Secondary
data should be collected from credible databases, analysis using any statistical tool in excel and reports. The entire
project should be submitted as a group assignment in the prescribed format. Following this, the groups will have to
make a research poster from the project work and present it before the academic community in the University
Assignment campus. The report will be valued for 15 marks and Poster making and presentation for 5 marks. This is a research-
description: based assignment designed to enable students to discover the various usage of statistical tool in real life. Students may
choose any issue and are expected to seek prior approval. The students have to come up with a report which must be
submitted as a group assignment in the prescribed format.
Following this, the groups will have to make a research poster from the project work and present it before the
academic community in the University campus. The report will be valued for 15 marks and Poster making and
presentation for 5 marks.
Learning After completion of the CIA-III, the student will gain the following:
outcomes: 1. Students will have clarity on the usage of statistical tool for analysis economic issues, with the factors causing
it.
2. Students will have expertise in data analysis and interpretation using software such as MS Excel.
3. Gain experience in visual communication, enhancing the ability to present complex concepts in an accessible
and engaging way.
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 4. Students will get an experience of digital research poster making and presentation.
Evaluation The group analytical term paper will be evaluated on a scale from 1 to 5, with 5 as the best based on the following
Rubric/s: criteria. Total mark will convert into 10 after the evaluation.
Marks Allocation
Criteria
5 4 3 2 1
Conceptual The student has The student has The student has The student has The student has
Clarity outstanding excellent good an average below average
conceptual conceptual conceptual conceptual conceptual clarity
clarity of the clarity clarity clarity regarding major
correlation and regarding regarding regarding macroeconomic
regression major major major issues and
analysis of macroeconomic macroeconomi macroeconomic dynamics.
variables. issues and c issues and issues and
dynamics. dynamics. dynamics.

Analysis The student is The student is The student The student is The student is
able to do an able to do an could do a able to make an able to make a
outstanding excellent good analysis average below average
analysis of the analysis of the of the trends of analysis of the analysis of the
macroeconomic trends of macroeconomi trends of trends of
data and the macroeconomic c data and the macroeconomic macroeconomic
dynamic data and the dynamic data and the data and the
interactions dynamic interactions dynamic dynamic
between the interactions between the interactions interactions
variables. between the variables. between the between the
variables. variables. variables.

Formatting of Outstanding Excellent Good Average Below average

the poster formatting formatting formatting formatting formatting
and language following all following all following most following some following few of
the guidelines the guidelines of the of the the guidelines of
of APA with of APA with guidelines of guidelines of APA with a
excellent usage excellent usage APA with good APA with below average
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 of vocabulary of vocabulary usage of average usage usage of
and sentence and sentence vocabulary and of vocabulary vocabulary and
construction. construction. sentence and sentence sentence
construction. construction. construction.

Research Outstanding Excellent Good Average Below average

Poster performance in performance in performance in performance in performance in
the poster the poster the poster the poster the poster making
making and making and and presentation
making and making and
presentation presentation
presentation presentation

General More details of the poster and presentation:

Instructions:
1. Research poster should have an impressive title reflecting the academic rigor and content in your research
article.
2. Research poster should include an overview of a critical analysis of how the statistical tool apply to real-world
economic scenarios.
3. Reflect on the practical applications of these statistical tool in the context of economic issues, such as
unemployment, inflation and stabilizing market prices.
4. The typed poster should not be less than 200words.
5. Font: Times New Roman; Font size: 12; Title -14 and bold; sub-headings-12, bold & italics; Line spacing: 1.5.
Research articles submitting not in this particular format will be rejected without valuating.
6. Research article should be in word format only will be accepted and considered for valuation.
7. References should be given as per APA 7th Edition.
8. Free databases available in the campus library like CMIE PROWESS IQ, Economic Outlook, etc should be
used for data collection, and should be acknowledged in the paper.
9. The typed poster should provide the information of the group work distribution in the last page of the poster.
10. Last date for submission of the research poster is 30th March, 2025 IST 11.59PM. Late submission within
two days of the scheduled date will carry a penalty deduction of two marks. Submissions beyond two days of
the last date will not be considered for evaluation.
11. Poster presentation will be held during 21-24th March, 2025. Students who fail to take part in the poster
making and presentation without a genuine reason shall be awarded zero.
12. Posters should be submitted in the Google Classroom after incorporating corrections/suggestions during the
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 presentation.

Plagiarism: Your write-up will be subject to plagiarism test using Drill Bit software. The plagiarism should be less
than 10%.

Deadline: CIA III: 30th March, 2025 IST 11.59PM

Mapping the Learning Outcomes of the assignment with components of the evaluation rubrics:

Course Method of Component of the

Program Learning Outcomes of the assignment
Outco
Outcome assessment evaluation rubrics
me
PO2, PO5 CO 4, 5 Apply statistical tool for analysis economic issues, with the factors Research Conceptual clarity
causing it. poster
CO 4, 5 To have expertise in data analysis and interpretation using software such Analysis &
as MS Excel. Interpretation

CO 4, 5 Gain experience in visual communication, enhancing the ability to Formatting of the

present complex concepts in an accessible and engaging way. poster and
language
CO 4, 5 To have experience in digital research poster making and presentation Poster Digital research
Making and poster
Presentation

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