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Student learning outcomes

By the end of this chapter, the student should be able to:

  • Display data graphically and interpret graphs: stemplots, histograms and boxplots.
  • Recognize, describe, and calculate the measures of location of data: quartiles and percentiles.
  • Recognize, describe, and calculate the measures of the center of data: mean, median, and mode.
  • Recognize, describe, and calculate the measures of the spread of data: variance, standard deviation, and range.

Introduction

Once you have collected data, what will you do with it? Data can be described and presented in many different formats. For example, suppose you are interested in buying a house in a particular area. You may have no clue about the house prices, so you might ask your real estate agent to give you a sample data set of prices. Looking at all the prices in the sample often is overwhelming. A better way might be to look at the median price and the variation of prices. The median and variation are just two ways that you will learn to describe data. Your agent might also provide you with a graph of the data.

In this chapter, you will study numerical and graphical ways to describe and display your data. This area of statistics is called "Descriptive Statistics" . You will learn to calculate, and even more importantly, to interpret these measurements and graphs.

Questions & Answers

it is the relatively stable flow of income
Chidubem Reply
what is circular flow of income
Divine Reply
branches of macroeconomics
SHEDRACK Reply
what is Flexible exchang rate?
poudel Reply
is gdp a reliable measurement of wealth
Atega Reply
introduction to econometrics
Husseini Reply
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mostafa
hi
LEMLEM
hello
Sammol
hi
Mahesh
bi
Ruqayat
hi
Ruqayat
Hi fellas
Nyawa
hey
Sammol
hi
God
hello
Jahara
Good morning
Jorge
hi
abubakar
hi
Nmesoma
hi
Mahesh
Hi
Tom
Why is unemployment rate never zero at full employment?
Priyanka Reply
bcoz of existence of frictional unemployment in our economy.
Umashankar
what is flexible exchang rate?
poudel
due to existence of the pple with disabilities
Abdulraufu
the demand of a good rises, causing the demand for another good to fall
Rushawn Reply
is it possible to leave every good at the same level
Joseph
I don't think so. because check it, if the demand for chicken increases, people will no longer consume fish like they used to causing a fall in the demand for fish
Anuolu
is not really possible to let the value of a goods to be same at the same time.....
Salome
Suppose the inflation rate is 6%, does it mean that all the goods you purchase will cost 6% more than previous year? Provide with reasoning.
Geetha Reply
Not necessarily. To measure the inflation rate economists normally use an averaged price index of a basket of certain goods. So if you purchase goods included in the basket, you will notice that you pay 6% more, otherwise not necessarily.
Waeth
discus major problems of macroeconomics
Alii Reply
what is the problem of macroeconomics
Yoal
Economic growth Stable prices and low unemployment
Ephraim
explain inflationcause and itis degre
Miresa Reply
what is inflation
Getu
increase in general price levels
WEETO
Good day How do I calculate this question: C= 100+5yd G= 2000 T= 2000 I(planned)=200. Suppose the actual output is 3000. What is the level of planned expenditures at this level of output?
Chisomo Reply
how to calculate actual output?
Chisomo
how to calculate the equilibrium income
Beshir
Criteria for determining money supply
Thapase Reply
who we can define macroeconomics in one line
Muhammad
Aggregate demand
Mohammed
C=k100 +9y and i=k50.calculate the equilibrium level of output
Mercy Reply
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Amisha
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nd u
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Sekou
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Amisha
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Amisha
money as unit of account means what?
Kalombe
A unit of account is something that can be used to value goods and services and make calculations
Jim
all of you please speak in English I can't understand you're language
Muhammad
I want to know how can we define macroeconomics in one line
Muhammad
it must be .9 or 0.9 no Mpc is greater than 1 Y=100+.9Y+50 Y-.9Y=150 0.1Y/0.1=150/0.1 Y=1500
Kalombe
Mercy is it clear?😋
Kalombe
hi can someone help me on this question If a negative shocks shifts the IS curve to the left, what type of policy do you suggest so as to stabilize the level of output? discuss your answer using appropriate graph.
Galge Reply
if interest rate is increased this will will reduce the level of income shifting the curve to the left ◀️
Kalombe
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Source:  OpenStax, Elementary statistics. OpenStax CNX. Dec 30, 2013 Download for free at http://cnx.org/content/col10966/1.4
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