 Measures of Dispersion

Measures of Dispersion are the measure of the extent to which observations in a data set are close or far away from any given measure of central tendency. They are representative of homogeneity or heterogeneity of a distribution. The closer are the observations from their given central tendency, the more homogeneous is the distribution. The … Chapter – 1: Concept of Demand – I

Q1. Define demand. Distinguish between individual demand and market demand function for a product. Or What are the determinants of the quantity demanded of a product? How will you derive the market demand curve? Or Give the relationship between individual and market demand functions. Ans. – Demand for a commodity is defined as the quantity …

Measures of Central Tendency (Averages)

Measures of Central Tendency, also called Averages, are representative of the entire distribution. It is the central value of a data set representing the whole data in a single number. There are five commonly used measures of central tendency: Arithmetic mean Median Mode Geometric mean Harmonic Mean Note: From the viewpoint of Econometrics, only Arithmetic …