Economics Statistics1 ECON 233 Measures of Central Tendency

Document Content and Description Below

Starting with MCT of Ungrouped Data Let us have a look at some example of ungrouped data Arithmetic Mean Harmonic Mean Calculate the HM of: 1. 25, 65, 70, 55 Ans: 45.53 OR ?????? 4397 2. 95,85... , 120, 50,40, 80 Ans: 68.09 3. 45,65,80,90,76 Ans: 67.23 Geometric Mean • The geometric mean is another way to find the average value of a number set, but instead of adding the values and dividing like you would to find the arithmetic mean, you multiply them together before taking the root. • In order to find the geometric mean, multiply all of the values together before taking the nth root, where n equals the total number of values in the set. • For example: Find the GM of 3,5,12 Geometric Mean [Show More]

Last updated: 1 year ago

Preview 1 out of 52 pages