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Essential Statistics, Regression, and Econometrics by Gary Smith

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CHAPTER 3

Descriptive Statistics

Chapter Outline

3.1 Mean

3.2 Median

3.3 Standard Deviation

3.4 Boxplots

3.5 Growth Rates

Get the Base Period Right

Watch out for Small Bases

The Murder Capital of Massachusetts

The Geometric Mean (Optional)

3.6 Correlation

Exercises

And that’s the news from Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above-average.

Garrison Keillor

Chapter 2 explained how graphs help us understand data by identifying typical values, outliers, variations, trends, and correlations. For formal statistical inference, we need to work with precise numerical measures. It is not enough to say “It looks like output and unemployment are inversely related.” We want to measure the ...

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