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

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ECO 220Y Lecture 5 umerical Descriptive Technique Numerical Descriptive Technique igiwa Tanaka Migiwa Tanaka Reading: 4.1 1
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Outline easures of the Central Tendency Measures of the Central Tendency Mean d i Median Mode Relationship between Shapes of Distribution and Measures of Central Tendency Comparison of Different Measures 2
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Descriptive Technique ecture 2 : Graphical descriptive technique Lecture 2-4: Qualitative assessment Today (Lecture 5 &6): Numerical descriptive technique Quantitative assessment mple Statistics (Summary Statistics) shows what data look Sample Statistics (Summary Statistics) shows what data look like. It includes easures of central tendency 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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Example1: Household Cash Holding ow much do household keep cash outside of their How much do household keep cash outside of their bank account every month? With collected data, we can compute: Measures of central tendency Measures of variability Measures of relative standings Summary Statistics can be used for comparison across different samples/populations, d and basis for inference. 4
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Definition: Mean opulation Mean: here Population Mean: N Where mple s bservatio f umber population in ns observatio of Number : N x i i 1 opulation r mple x, variable of n observatio th : sample in ns observatio of Number : i x n i mple Mean: N is pronounced “mu.” population or sample in Sample Mean: n is pronounced “ x-bar” x x i i 1 Mean is also known as average or arithmetic mean.
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This note was uploaded on 03/01/2011 for the course ECON 220 taught by Professor Tanaka during the Spring '11 term at University of Toronto- Toronto.

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

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