1. Economics 111Lecture 7.2 Quantitative Analysis of Data

2. Describing Data 1.Center of the Data 2. Spread of the Data

3. The Relative Positions of Mean, Median and Mode Symmetric Distribution Positively Skewed Distribution Negatively Skewed Distribution

4. Symmetric Distribution Frequency Points mean = median = mode

5. Positively Skewed Distribution Frequency Points mode < median < mean

6. Negatively Skewed Distribution Frequency Points mean < median < mode

7. Describing Spread of the Data A small value of any measure of dispersion / spread of the data indicates that the data is clustered more closely around the mean.

8. Measures of Dispersion IRange IIMean Deviation IIIVariance IVStandard Deviation

9. I Range

10. II Mean Deviation Mean deviation is the average of the absolute values of the deviations from the mean.

11. II Mean Deviation

12. III Variance Variance is the average of the squared deviations from the mean.

13. III Variance

14. IV Standard Deviation Standard Deviation is the square root of the variance.

15. IV Standard Deviation

16. Summary Statistics (include in the Project) 1.No. of observations 2.Maximum value 3.Minimum value

17. Summary Statistics (include in the Project) 4. Mean 5. Median 6. Mode

18. Summary Statistics (include in the Project) 7. Range 8. Mean Deviation 9. Variance 10. Standard Deviation