Draw the lorenz curve and compare the two regions of

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Unformatted text preview: ctivities: 1. Give relevant diagrammatic representations for the activities listed in the previous lessons. 2. Get the previous monthly expenditure of your family and interpret it into bar diagram and pie diagram. Based on the data, propose a budget for the next month and interpreted into bar and pie diagram. Compare the two months expenditure through diagrams Answers I. 1. (a) 2. (a) 3.(d) 4. (d) II. 1. Component bar 2. Area 3. Two 4. Median 5. Lorenz 93 5.(b) 6. MEASURES OF CENTRAL TENDENCY Measures of Central Tendency: In the study of a population with respect to one in which we are interested we may get a large number of observations. It is not possible to grasp any idea about the characteristic when we look at all the observations. So it is better to get one number for one group. That number must be a good representative one for all the observations to give a clear picture of that characteristic. Such representative number can be a central value for all these observations. This central value is called a measure of central tendency or an average or a measure of locations. There are five averages. Among them mean, median and mode are called simple averages and the other two averages geometric mean and harmonic mean are called special averages. The meaning of average is nicely given in the following definitions. “A measure of central tendency is a typical value around which other figures congregate.” “An average stands for the whole group of which it forms a part yet represents the whole.” “One of the most widely used set of summary figures is known as measures of location.” Characteristics for a good or an ideal average : The following properties should possess for an ideal average. 1. It should be rigidly defined. 2. It should be easy to understand and compute. 3. It should be based on all items in the data. 4. Its definition shall be in the form of a mathematical formula. 5. It should be capable of further algebraic treatment. 6. It should have sampling stability. 7. It should be capable of...
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