Page 62 - DECO504_STATISTICAL_METHODS_IN_ECONOMICS_ENGLISH

Statistical Methods in Economics

Notes Individual series

+
N1
Median = The size of th item
2
Example 1: Calculate median from the following data:
80 60 70 55 95 78 43
Solution: Arranging the given data in ascending order, we get
43 55 60 70 78 80 95
N + 1
Median = The size of th item
2

+
71
Median = The size of th item
2
8
Median = The size of th item
2
Median = The size of 4th item, i.e. 70
– Median = 70
Example 2: Compute median from the following data:
74 52 63 45 85 69 55 30
Solution: Arranging the given data in ascending order, we get
30 45 52 55 63 69 74 85

N + 1
Median = The size of th item
2
+
81
Median = The size of th item
2
9
Median = The size of th item
2
Median = The size of 4.5th item,

4th item + 5thitem
Median = The size of
2
+
55 63
Median = The size of th item
2
118
Median =
2
– Median = 59

Discrete series

N + 1
Median = The size of th item.
2

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