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Statistics for Economics, Second Edition by Shahdad Naghshpour

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CHAPTER 2

Numerical Descriptive Statistics for Quantitative Variables

Introduction

One of the purposes of descriptive statistics is to summarize the information in the data for a variable into as few parameters as possible. Measures of central tendency provide concise summaries of a population. They are also called measures of location as in Table 1.1 in Chapter 1. Measures of central tendency are addressed first. However, they are often not enough to provide the full picture of reality, as will be demonstrated when the concept of variance is introduced shortly. The addition of measures of dispersion, such as the variance, provides a more complete picture of reality. Measures of dispersion are followed by measures of association.

Measures of ...

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