Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.
Know MoreEconomics is defined as the study of how people behave with regard to the production and consumption of goods. As a social science, economics attempts to describe trends in consumer markets, such as wealth acquisition and transfer. There are two forms of economics:
There are various themes studied within both forms of economics, including costs, production, consumption, and the rationales behind individual, corporate, national and international trade. In order to develop hypotheses around the various topic areas, economists make use of statistics and are able to compare information. Economic statistics involve quantitative data that describe either past or present trends. The data may be presented in various ways:
Economic statistical data sets include information about measurement, sample sizes, collection procedures and analysis processes. The data are often published for public use, such as through the United States Census or for private use, such as intra-company data used for decision-making.
Learn MoreIn mathematics, the “average” typically refers to the “mean value” of a set of numbers that is found by adding all the numbers in the set and then dividing this answer by how many numbers were in the set. However, there also are other types of averages in mathematics, such as the weighted average, mode and median.
Full Answer >Cereal box size depends on the cereal brand and the volume size. For example, a box that is 12 inches long, 7 5/8 inches wide and 2 1/2 inches deep is required to hold 12.8 ounces of Multi Grain Cheerios.
Full Answer >The term "R-squared," or the coefficient of determination, explains the percent of variance away from a dependent variable and is expressed as a percentage between 0 and 100. An R-squared value explains how data fits a statistical set of numbers, sometimes expressed on a graph as a line or curve surrounded by points. The closer the R-squared value is to 100, the more dependent that value is on another variable.
Full Answer >The margin of error is calculated using two approaches: byÂ multiplying the critical value with the standard deviation of the statistic, or by multiplying the critical value with the standard error of the statistic when the standard deviation is unknown. In the field of statistics, the margin of error refers to the range of values contained in a confidence interval.
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