Various concepts of economics and statistics are expressed in terms of numbers like, demand, supply, price, national income, etc. These economic variables are often related to each other. One way...
An index number is a statistical device for measuring changes in the magnitude of a group of related variables. Index numbers are expressed in terms of percentages.They are expressed in numbers. ...
CorrelationCorrelation measures the relationship between two variables so that changes in the value of one variable are accompanied with the changes in the value of other variable. When there are...
Range and QuartileThe extent to which the numerical data in any distribution differs from each other is known as dispersion. Objectives of measuring dispersion are: to test the reliability of an ...
Arithmetic MeanAn average or central value is a single value that represents all the items in a series or a set of data. It is also called measure of central tendency. The main objectives or purp...
