1-19-09

1-19-09 - Summation Notation – A review Data i x i y i 1...

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Economic Statistics 2 – Class Notes – 1/19/09 MEASURES OF CENTRAL TENDENCY ( continued ): 3. The mean – The sum of all values divided by the number of values. The mean is the center of numerical weight. Half of the numerical weight is found above the mean and half of the numerical weight is below the mean Data: X1 = 1 X2 = 1 X3 = 3 X4 = 3 X5 = 5 X6 = 7 X7 = 7 X8 = 7 X9 = 8 X10 = 8 N (population size) = 10

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Unformatted text preview: Summation Notation – A review: Data: i x i y i 1 2 1 2 3 4 3 5 2 4 6 3 5 7 9 ∑ = 23 ∑ = 19 ∑x = 23 ∑y = 19 SOME RULES FOR SUMMARTION NOTATION: The Mean versus the Median (When to use mean or the median) • Suppose I have data on income per person for a certain population: o {1, 1, 1, 1, 96} HOMEWORK: • Read the appropriate sections. • No problems just yet....
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1-19-09 - Summation Notation – A review Data i x i y i 1...

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