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ReadingNotes Chapter02 Stats

This document contains reading notes on chapter 2 of an economics textbook about data collection and graphical representation. The chapter discusses summary statistics including the mean, median, quartiles, percentiles, and mode for both raw and grouped data. It provides formulas for calculating these statistics and explains concepts like outliers, skewness, and weighted averages.

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Katherine Sauer
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118 views

ReadingNotes Chapter02 Stats

This document contains reading notes on chapter 2 of an economics textbook about data collection and graphical representation. The chapter discusses summary statistics including the mean, median, quartiles, percentiles, and mode for both raw and grouped data. It provides formulas for calculating these statistics and explains concepts like outliers, skewness, and weighted averages.

Uploaded by

Katherine Sauer
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Reading Notes

Economics Dr. Sauer

Chapter 2: Data Collection & Graphical Representation 2.1 Summary Statistics for Raw Data: Mean, Quartiles, and Mode A summary statistic is:

2.1.1 The Mean for a Set of Raw Data Formula for calculating the mean: = 2.1.2 The Median, Quartiles, and Percentiles Quartiles are: The median is: For an odd number of data For an even number of data

Q1 is located at: Q2 is located at: Q3 is located at:

2.1.3 The Mode A mode is:

2.1.4 Why not use the mean value to represent any set of data? Outliers are:

To be skewed means:

2.2 Summary Statistics for Grouped Data: Mean, Quartiles, and Mode The Grouping Assumption says:

2.2.1 Calculation of Mean for Grouped Data Step1: Step 2: Step 3: Step 4: 2.2.2 Quartiles and Percentiles for Grouped Data Can estimate using 2.2.3 Mode for Grouped Data Formula:

2.2.4 Weighted Averages Formula:

Summary After we work through this chapter in class, review this section and write any notes here.

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