Class 10. Give Statics note............2 pages or I'll report
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Class 10. Give Statics note............2 pages or I'll report
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[tex]notes \: of \: statistics \: class11[/tex]
Statistics for Economics Class 11 Notes Chapter 1 Introduction
Economics by Alfred Marshall, “The study of man in the ordinary business of life”.
Consumer “A consumer is one who consumes goods and services for the satisfaction of his wants”.
Consumption “Consumption is the process of using up utility value of goods and services for the direct satisfaction of our wants”.
Producer “A producer is one who produces/or sells goods and services for the generation of income”.
Production “Production is the process of converting raw material into useful thing”.
Saving It is the part of income which is not consumed. It is an art of abstinence from consumption.
Investment It is expenditure by the producers on the purchase of such assets which help to generate income.
Economic Activity It is an activity which is related to the use of scarce means. Means are always scarce in relation to our wants.
Economic Problem It is the problem of choice arising on account of the facts that resources are scarce and these have alternative uses.
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Introduction to Statistics
Ungrouped Data
Ungrouped data is data in its original or raw form. The observations are not classified into groups.
For example, the ages of everyone present in a classroom of kindergarten kids with the teacher is as follows:
3, 3, 4, 3, 5, 4, 3, 3, 4, 3, 3, 3, 3, 4, 3, 27.
This data shows that there is one adult present in this class and that is the teacher. Ungrouped data is easy to work when the data set is small.
Grouped Data
In grouped data, observations are organized in groups.
For example, a class of students got different marks in a school exam.
Frequency
Frequency is the number of times a particular observation occurs in data.
Class Interval
Data can be grouped into class intervals such that all observations in that range belong to that class.
Class width = upper class limit – lower class limit