Chapter Overview
This chapter introduces students to various statistical tools essential for analyzing economic data. It covers the calculation and interpretation of measures such as mean, median, mode, range, quartile deviation, standard deviation, correlation, and index numbers. These tools help in summarizing and comparing data for better decision-making in economics.
Important Keywords
- Central Tendency: Measures like mean, median, and mode that represent the center of a data set.
- Dispersion: Indicates the spread or variability in a data set (e.g., range, standard deviation).
- Correlation: A statistical tool to measure the degree of relationship between two variables.
- Index Number: A statistical device used to measure changes in variables like price and quantity over time.
- Standard Deviation: Measures how much values deviate from the mean.
- Quartile Deviation: Half the difference between the third and first quartile values.
Detailed Notes
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