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1-21-09

# 1-21-09 - Economic Statistics Class Notes Recall The mean...

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Economic Statistics – Class Notes – 1/21/09 Recall… The mean – The center of numerical weight. Half of the numerical weight is above the mean and half of the numerical weight is below the mean. Remember, one value can skew the value of the mean. Professor Casler will use numbers that look like constants, or he will use the variable C (for constant). 2. Measures of Dispersion (how spread out the data are) a.) Desired characteristics : 1. Independence from the mean – Adding a constant to each value in the population should not affect the measure of dispersion. a. Even if you add a constant to all of the values (all of the observations), the value of the mean might increase (or decrease) by some proportional amount. Therefore, the measure of dispersion will NOT change (but the mean will, by some proportional amount). 2. Uses all available data 3. Ease of interpretation.

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b.) The Range – The absolute difference between the highest and lowest values. a.
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1-21-09 - Economic Statistics Class Notes Recall The mean...

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