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Statistics for Economics by Shahdad Naghshpour

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Chapter 3

Some Applications of Descriptive Statistics

Introduction

The descriptive statistics that were covered in Chapters 1 and 2 provide summary statistics and graphical methods to present data in a more concise and meaningful way. Although those measures and methods are useful in their own right as demonstrated in the previous chapters, they are also used to further create more powerful statistical measures: some of which are discussed in this chapter. Later, in Chapter 7, these measures are utilized to provide statistical inference, which is the foundation for testing hypotheses in every branch of science.

Coefficient of Variation

The coefficient of variation is the ratio of the standard deviation to the mean. In other words, the coefficient ...

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