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

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ECO 220Y Lecture 6 umerical Descriptive Technique Numerical Descriptive Technique Migiwa Tanaka Reading: 4.2 ,4.3 1
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Outline easures of ariablility Measures of Variablility Range i Variance Standard deviation Empirical Rule/Chebysheff’s Theorem Measure of Relative Standing Percentile/Median terquartile ange Interquartile Range Box-plot 2
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Measures of Variability easures of Variability show how spread out the Measures of Variability show how spread out the observations are. xamples: Household Cash Holdings Examples: 3
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Definition: Range ange= (Largest observation)- mallest observation) Range (Largest observation) (Smallest observation) Sample 1 Sample 2 i x i 1$ 0 20 i x i 0 0 2 $20 3$ 2 5 15 2 $0 2 5 0 4 $15 5$ 5 4 $0 2 5 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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Definitions: ariance Variance Population Variance: N 2   x i i 1 2 Sample Variance: N   2 x x n 1 2 s i i What is the unit of these measurements? 1 n 5
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Definition: Variance (Continued) hat is sample variance for Sample 1? What is sample variance for Sample 1? mple mean =13 dollars ix i 0 Sample mean =13 dollars.
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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.

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

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