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Prices, location and spread (2016)

English | 2016 | ISBN: N/A | ASIN: B08NDH7QPS | 238 Pages | PDF | 2.14 MB

This course, Prices, location and spread, examines aspects of the question: Are people getting better or worse off? The course concentrates on the statistical aspects of the question, focusing on statistics about prices. Section1 looks at ways to measure the overall ‘location’ (the typical value) of a batch data. Two very important measures looked at are the ‘median’ and the ‘arithmetic mean’.
Section 2 shows how to calculate the ‘weighted mean’, which is a quantity related to the arithmetic mean. Section 3 shows how to calculate one particular measure of spread for a batch: the ‘interquartile range’. It also shows some diagrammatic methods for representing the spread and shape of the distribution of values in a batch. Sections 4 and 5 introduce the notion of a ‘price index’ for indicating changes in the price of a single item and for two or more different items.