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The median, as the name suggests, is the middle value of a series arranged in any of the orders of magnitude i.e. ascending or descending order.
As distinct from the arithmetic mean which is calculated from the value of every item in the series, the median is what is called a positional average. The term 'position' refers to the place of a value in the series. The median is just the 50th percentile value below which 50% of the values in the sample fall. The object of median is, therefore, not merely to fix a value that shall be representative of a set, but also to establish a dividing line separating the higher from the lower values.
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A real estate agency collected the data shown below, where y = sales price of a house (in thousands of dollars) x 1 = home size (in hundreds of square f
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Consider three stocks A, B and C costing $100 each. The annual returns on the three stocks have mean $5 and variance $10. a. Suppose that the returns on the three stocks are i.i
Grouped Data In order to find the median, the median class is to be first located and then interpolation is to be used by assuming that items are evenly spaced over the entire
Cause and Effect Even a highly significant correlation does not necessarily mean that a cause and effect relationship exists between the two variables. Thus, correlation does
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To determine the proportion of people in your town who are smokers, it has been decided to poll people at one of the following local spots: (a) the pool hall; (b) the bowling alley
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