Measures Of Central Tendency
ICSE · Class 11 · Economics
Flashcards for Measures Of Central Tendency — ICSE Class 11 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is central tendency?
Answer
Central tendency is a single figure that represents the whole mass of data. It gives one central value for a group of observations and helps summarize data in a simple form.
Why are measures of central tendency used in economics?
Answer
They help represent complex data in a simple form, make comparison between groups easier, support policy formulation, and assist economic analysis. For example, average wages can be used to compare tw…
What are the three most commonly used measures of central tendency?
Answer
The three most commonly used measures are arithmetic mean, median, and mode. They are often called the 3Ms of central tendency.
What are geometric mean and harmonic mean in relation to this chapter?
Answer
Geometric mean and harmonic mean are additional types of averages, but they are not discussed in this chapter. The chapter focuses on arithmetic mean, median, and mode.
Define arithmetic mean.
Answer
Arithmetic mean is the sum of all values of a group of items divided by the number of items. It is the most popular measure of central tendency and can be simple or weighted.
What is the formula for arithmetic mean in an individual series?
Answer
The formula is X̄ = ΣX / N, where ΣX is the sum of all values and N is the number of items.
How is arithmetic mean calculated in a discrete series?
Answer
The direct formula is x̄ = ΣfX / Σf. Each value is multiplied by its frequency, and the total is divided by the total frequency.
How is arithmetic mean calculated in a continuous series?
Answer
First find the mid-points of class intervals. Then use x̄ = Σfm / N, where m is the mid-value of each class and N is the total frequency.
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