School
University of GuelphDepartment
EconomicsCourse Code
ECON 2740Professor
David PrescottStudy Guide
MidtermThis preview shows page 1. to view the full 4 pages of the document.
Random Discrete Variable the random variable can taken any of a finite number of different
values (for example, a six sided die)
Random Continuous Variable the random variable can take any of an infinite number of
numerical values
Variance the average squared deviation of from its mean
·
Standard Deviation the average deviation of from its mean (also the squared variance)
σ
Coefficient Variation  a unit free measure that can be used to compare to things
(second quartile) is also the median
The position of the first quartile is found using the first equation, and the vale by the
second equation

1 4
0.75 0.25
The position of the third quartile
is found usingthe first equation, and the vale by the
second equation

1
·34
0.250.75
Sample Quartiles quartiles divide data into for equal parts, or quartiles
Sample Median the value that lies in the middle of the data set, and the position can be found
using the first equation, and the value using the second equation
1
2
0.5
0.5
Key Equations and Concepts
December7,2013 2:38PM
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