econ 140 2

# econ 140 2 - Economics 140 Professor Enrico Moretti Lecture...

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Economics 140 Professor Enrico Moretti 02/01/10 Lecture 2 ASUC Lecture Notes Online is the only authorized note-taking service at UC Berkeley. Do not share, copy or illegally distribute (electronically or otherwise) these notes. Our student-run program depends on your individual subscription for its continued existence. These notes are copyrighted by the University of California and are for your personal use only. D O N O T C O P Y Sharing or copying these notes is illegal and could end note taking for this course. ANNOUNCEMENTS Problem set 1 will be collected today. Please hand in the problem set to the GSI who is formally in charge of you. Problem set 2 will be due next Monday, February 8th. It will be posted tonight or tomorrow night at the latest. LECTURE Last week, we covered chapter 3 and part of chapter 4. Today, we will finish chapter 4, chapter 5, and some parts of chapter 6. Next week, we will do chapters 6 and 7. Measures of Tendency: Median : The middle of the distribution. It is the number “m” such that: pr(x < m) 1/2 pr(x > m) 1/2 For ex: x pr(x) 3 .1 5 .2 7 .1 9 .2 10 .3 11 .05 12 .05 Which x is the median? x= 9 is the median. Why use the median over the mean? Median is robust to outliers. In a population, suppose we have a bunch of regular folks and one Bill Gates. If we use the mean to take a look at people’s wages, we won’t have a good representation of the average worker’s wage. The mean will be strongly influenced by Bill Gates’ wage (the

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econ 140 2 - Economics 140 Professor Enrico Moretti Lecture...

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