Reading Notes

Economics Dr. Sauer

Chapter 2: Data Collection & Graphical Representation 2.1 Summary Statistics for Raw Data: Mean, Quartiles, and Mode A summary statistic is:

2.1.1 The Mean for a Set of Raw Data Formula for calculating the mean: = 2.1.2 The Median, Quartiles, and Percentiles Quartiles are: The median is: For an odd number of data For an even number of data

Q1 is located at: Q2 is located at: Q3 is located at:

2.1.3 The Mode A mode is:

2.1.4 Why not use the mean value to represent any set of data? Outliers are:

To be skewed means:

2.2 Summary Statistics for Grouped Data: Mean, Quartiles, and Mode The Grouping Assumption says:

2.2.1 Calculation of Mean for Grouped Data Step1: Step 2: Step 3: Step 4: 2.2.2 Quartiles and Percentiles for Grouped Data Can estimate using 2.2.3 Mode for Grouped Data Formula:

2.2.4 Weighted Averages Formula:

Summary After we work through this chapter in class, review this section and write any notes here.