ECON 2200 Chapter Notes - Chapter 3: Squared Deviations From The Mean, Central Tendency, Quartile
25 Jan 2017
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Population mean the sum of all the population values divided by the total number of population values. Population mean = sum of all the values in the population. Number of items in population. Sample mean the sum of all the sample values divided by the total number of sampled values n. Sample mean = sum of all the values in the sample. N number of observations in the sample. Sum of the x values. Every set of interval-level and ratio-level data has a mean. All the values are included in computing the mean. The sum of the deviations of each value from the mean is zero. Weighted mean used when there are several observations of the same value. Set of number designated x with corresponding weights w. Look at textbook for formula and example. Geometric mean useful in finding average change of percentages, ratios, indexes, or growth rates over time.
