O'Reilly logo

Statistics for Economics by Shahdad Naghshpour

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

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 meaningful summaries of the population. Measures of central tendency are addressed in the below section. However, measures of central tendency are often not enough to provide the full picture. The addition of measures of dispersion provides a more complete picture. Measures of dispersion are covered in next, followed by measures of association.

Measures of Central Tendency

Mean

The arithmetic mean, or simply the mean, is the most commonly used descriptive measure. Other names for ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required