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Lecture5 - ECO 220Y Lecture 5 Numerical Descriptive...

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ECO 220Y Lecture 5 Numerical Descriptive Technique Migiwa Tanaka Reading: 4.1 1

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O tli Outline Measures of the Central Tendency Mean M di Median Mode Relationship between Shapes of Distribution and Measures of Central Tendency Comparison of Different Measures 2
D i ti T h i Descriptive Technique Lecture 2-4: Graphical descriptive technique Qualitative assessment Today (Lecture 5 &6): Numerical descriptive technique Quantitative assessment Sample Statistics (Summary Statistics) shows what data look like. It includes Measures of central tendency Mean (Arithmetic Mean) Median Mode Measures of variability (Lecture 6) 3 Measure of relative standing (Lecture 6)

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E l 1 H h ld C h H ldi Example1: Household Cash Holding How much do household keep cash outside of their bank account every month? W h ll d d With collected data, we can compute: Measures of central tendency Measures of variability M f l ti t di Measures of relative standings Summary Statistics can be used for comparison across different samples/populations, and basis for inference. 4
D fi iti M Definition: Mean Population Mean: Where N sample in ns observatio of Number : population in ns observatio of Number : n N x i i 1 population or sample in x, variable of n observatio th : Number i x i Sample Mean: N is pronounced “mu.” or n is pronounced “ x-bar” x x x i i 1 Mean is also known as average or arithmetic mean. n There is another type of mean, geometric mean. See the 5 textbook and HW.

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