Definitions [2]
Define the mean.
The mean is the value that is derived by summing all the values and dividing it by the number of observations.
`bar"x" = "Sum of observations"/"No. of observations"`
Definitions: Index Numbers
- Spiegel: “An index number is a statistical measure designed to show changes in a variable or a group of related variables with reference to time, geographical location and other characteristics such as income, profession etc.”
- Croxton and Cowden: “Index Numbers are devices for measuring differences in the magnitude of a group of related variables.”
Key Points
Key Points: Paasche’s Price Index Number
- Given by Hermann Paasche
- Uses current year quantities as weights
- Measures price change
- Formula: (Σp₁q₁ / Σp₀q₁) × 100
- Example result: 212.69
Concepts [46]
- Meaning of Statistics for Economics
- Scope of Statistics for Economics
- Importance of Statistics in Economics
- Limitations of Statistics
- Sources of Data - Primary
- Sources of Data - Secondary
- How Basic Data is Collected
- Methods of Collecting Data
- Some Important Sources of Secondary Data
- Organisation of Data
- Meaning of Variables
- Types of Variables
- Types of Frequency
- Tabular Presentation and Diagrammatic Presentation of Data - Geometric Form
- Tabular Presentation and Diagrammatic Presentation of Data - Frequency Diagrams
- Measures of Central Value - Average
- Measures of Central Value- Type of Averages
- Measures of Central Tendency for Different Data Types
- Relationship Between Mean, Median and Mode
- Measures of Central Value - Nature of the Frequency
- Measures of Central Value - Ungrouped and Grouped Data
- Measures of Central Value - Numericals only on mean
- Measures of Central Value - Median and Mode for Both Ungrouped and Grouped Data
- Measures of Dispersion
- Measures of Dispersion - Absolute Dispersion
- Measures of Dispersion - Relative Dispersion
- Correlation Meaning
- Scatter Diagram of Correlation
- Karl Pearson’s Coefficient of Correlation
- Measures of Correlation - Spearman's Rank Correlation
- Index Numbers
- Meaning of Simple and Weighted Index Number
- Types of Simple and Weighted Index Number
- Purpose of Simple and Weighted Index Number
- Difference Between Simple and Weighted Index Number
- Construction of Index Numbers
- Price Weighted Or Quantity Weighted
- Method to Measure - Laspeyer Method
- Paasche’s Price Index Number
- Method to Measure - Fisher's Method
- Uses of Index Numbers
- Types of Index Number - Wholesale Price Index
- Types of Index Number - Consumer Price Index
- Types of Index Number - Index of Industrial Production
- Mathematical Tools Used in Economics - Equation of a Straight Line
- Mathematical Tools Used in Economics - Slope of a Straight
