Class3 - n observations, i.e. n is the sample size. • We...

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Class 3: Numerical Descriptive Measures Numerical Descriptive Measures • Central tendency (location) - mean, median, mode • Dispersion (spread) - range, variance, standard deviation, interquartile range • Position - percentiles, quartiles Note: • All measures can be defined both for a population and for a sample. • When referring to a population they are population parameters. • When referring to a sample they are statistics. The Summation Sign, P • Let x denote a certain variable of interest. • Assume we are given
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Unformatted text preview: n observations, i.e. n is the sample size. • We denote the observations by • We denote the generic observation by . • Examples: MEASURES OF CENTRAL TENDENCY 1. The Mean 2. The Median 3. The Mode Comparison of Mean and Median • Typically, the mean and median are not numerically identical (see example above) • If the data are symmetric with respect to a particular value, then the mean and median coincide. Examples:-------------------------------------------------------------------------...
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This note was uploaded on 10/14/2009 for the course ECON 41 taught by Professor Guggenberger during the Fall '07 term at UCLA.

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Class3 - n observations, i.e. n is the sample size. • We...

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