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Statistics for Economics, Second Edition 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 concise and meaningful ways. Although those measures and methods are useful in their own right, they are also used to 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. Statistical inference is the foundation of testing hypotheses in every branch of science.

Coefficient of Variation

The coefficient of variation (CV) is the ratio of the standard deviation to the mean. In other words, CV expresses the standard deviation (the average ...

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