Lecture slide - ECO 220Y Lecture 6 Numerical Descriptive...

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ECO 220Y Lecture 6 Numerical Descriptive Technique Migiwa Tanaka Reading: 4.2 ,4.3 1
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O tli Outline Measures of Variablility Range V i Variance Standard deviation Empirical Rule/Chebysheff’sTheorem Measure of Relative Standing Percentile/Median Interquartile Range Box-plot 2
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M f V i bilit Measures of Variability Measures of Variability show how spread out the observations are. Examples: Household Cash Holdings 3
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D fi iti R Definition: Range Range= (Largest observation)-(Smallest observation) Range (Largest observation) (Smallest observation) Sample 1 Sample 2 i i x i 1 $0 2 $20 x i 1 $0 2 $0 3 $25 4 $15 3 $25 4 $0 5 $5 5 $25 What is the range of sample1? What is the range of sample2? It is simple but leaves out a lot of information about variability of data. 4
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D fi iti Definitions: Variance Population Variance: x N 2 N i i 1 2 Sample Variance: 2 x x n i 1 1 2 n s i What is the unit of these measurements? 5
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