Page 63 - DECO504_STATISTICAL_METHODS_IN_ECONOMICS_ENGLISH
P. 63

Unit 5: Application of Mean, Median and Mode


            Example 3: Find the median wage from the data given below:                               Notes

               Daily wage (Rs.)     100     150     200      250     300     350     400
               No. of workers        10      15      25      30      32      28      10


                                         N +  1
            Solution:   Median= The size of   th  value
                                          2
                   Daily wages (Rs.)           No. of workers

                          x                          f                       cf

                         100                        10                      10
                         150                        15                      25
                         200                        25                      50
                         250                        30                      80
                         300                        32                      112
                         350                        28                      140
                         400                        10                      150
                                                  N = 150

                                                      N + 1
                                    Median = The size of   th  item
                                                       2

                                                         +
                                                      150 1
                                    Median = The size of   th  item
                                                        2
                                                      151
                                    Median = The size of   th  item
                                                      2
                                    Median = The size of 75.5th item, i.e. 250
                              – Median wage = Rs. 250
            Continuous series

                                             N  − cf
                                 Median =  L  +  2  ×  c
                                               f

                      where
                                      L = Lower limit of the median class
                                     N  = Half of the total frequency
                                     2
                                      cf = Cumulative frequency value lies just above the median class
                                      f = Actual frequency lies on the median class
                                      C = Class interval of the median class.








                                             LOVELY PROFESSIONAL UNIVERSITY                                       57
   58   59   60   61   62   63   64   65   66   67   68