ECON1310 Lecture Notes - Lecture 1: Level Of Measurement, Weighted Arithmetic Mean, Central Tendency
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Descriptive statistics: useful way of painting a picture about how often social media is used, by whom and what purposes. Summary statistics: used to describe the data. If n is odd = value is in the position given by the formula. Weighted average: determine the relative importance of each quantity on the average. If "i" is a whole number, the percentile value = average of the values at the ith and (ith+1) positions. If "i" is not a whole number, the percentile value: the value at the positio(cid:374) i(cid:374) the ordered array give(cid:374) by . Measures of variation (spread: range (max - min) 68% of data values lie within +- of the (cid:373)ea(cid:374: approx. 95% od data values lie within +-(cid:1006) of the (cid:373)ea(cid:374: approx. Independent of variables" unit: cv = ( / )*(cid:1005)(cid:1004)(cid:1004), cv = (s/x)*100% Summary of variability/dispersion measures: the more dispersed the data, the larger the values for, range.
