ECON 010 Chapter Notes - Chapter 3: Weighted Arithmetic Mean, Interquartile Range, List Of Statistical Packages
Document Summary
In the previous chapter we discussed how to summarize data using tables and graphs. In this chapter we will introduce several numerical measures to summarize data. These numerical measures will help us understand and interpret the data. We will look at numerical measures of location of data, dispersion of data, shape of data and association of data. Definition: sample statistics are measures of data from a sample. Definition: population parameters are measures of data from an entire population: mean (arithmetic mean) The more important measure of the location of data is the mean. Definition: the mean is the average value of a variable. It provides a measure of the central location of data. By convention if we calculate the mean for a sample, the mean is denoted by x . However, if the data are for an entire population, the mean would be denoted by . To find the sample mean with n observations, we have the following formula x.
