Linear Programming Method (LPP)
Linear Programming (LP) is a mathematical method used to optimize a system with linear relationships subject to certain constraints. It’s widely applied in various fields such as economics, engineering, business management, and logistics, to name a few. Here’s a basic overview of the Linear Programming method: Objective Function: This is the function you want to […]
Probable Error & Standard Error in Coefficient of Correlation
In statistics, the “standard error of the correlation coefficient” measures the accuracy of the estimated correlation coefficient. It indicates how much the observed correlation coefficient may vary if the study were repeated multiple times.Whereas The probable error (PE) of the correlation coefficient is another measure of the accuracy of the estimated correlation. It provides Kindly […]
Factor Reversibility Test : Test of Adequacy in Index Numbers
The “Factor Reversibility Test” and the “Index Number Test of Adequacy” are both methods used in econometrics and statistics to assess the validity and reliability of certain statistical models, particularly those related to index numbers and factor analysis. Factor Reversibility Test: it can be solved by practical ways . kindly Check the link In factor […]
Time Reversibility Test (TRT) Index Numbers
“Test of Adequacy TRT in Index Number” likely refers to a statistical evaluation specifically aimed at assessing the adequacy of a Time Reversibility Test (TRT) in the context of index numbers. This can be solved in practical easy way for this kindly check the link for practical solution: In this context, the Time Reversibility Test […]
Spearman’s Rank Correlation
Spearman’s rank correlation is a statistical measure used to assess the strength and direction of association between two ranked variables. Unlike Pearson correlation, which measures the linear relationship between variables, Spearman correlation evaluates the monotonic relationship. Monotonic means that as one variable increases, the other variable either consistently increases or decreases, but not necessarily at […]
Binomial Expansion Method of Interpolation (Two Values Missing )
The binomial method of interpolation, also known as binomial interpolation, is used to estimate missing values within a sequence of values. This method utilizes the concept of finite differences and binomial coefficients. To demonstrate the process, let’s go through the steps required to interpolate Two missing values using the binomial method. Steps for Binomial Interpolation […]
MEDIAN in Measures of Central Tendency
MEDIAN IN MEASURES OF CENTRAL TENDENCY The median is a statistical measure that identifies the middle value in a data set when the numbers are arranged in numerical order. It effectively divides the data set into two equal halves, with half of the values lying below the median and half above it. Odd Number of […]
How to Find Mode in Measures of Central Tendency
MODE IN MEASURES OF CENTRAL TENDENCY In measures of central tendency, “mode” refers to the value that appears most frequently in a dataset. Unlike mean and median, which focus on the average and middle value respectively, mode highlights the most common occurrence. It’s particularly useful in categorical data or when dealing with data where certain […]
Arithmetic Mean in Measures of Central Tendency
Measures of central tendency are statistical measures that provide a single value to summarize the centre or midpoint of a dataset. The three main measures of central tendency are: Arithmetic Mean The mean is the most commonly used measure of central tendency. It is calculated by adding up all the values in a dataset and […]
Fisher’s Weighted Index Number and Other Methods to Solve Index No.
A weighted index number is a statistical measure used to track changes in a variable or a group of variables over time, taking into account their relative importance (weights). In economics and finance, weighted index numbers are often used to measure price levels, quantities, or other economic indicators. The weights usually reflect the significance or […]
INDEX NUMBER : A Brief Introduction
An index number is a statistical measure designed to show changes in a variable or a group of related variables over time. It is often used to track economic data, such as prices, quantities, or values, and can be helpful in understanding trends, inflation, cost of living, and other economic indicators. Here are some key […]
Binomial Expansion Method of Basic Statistical Analysis
The binomial method of interpolation, also known as binomial interpolation, is used to estimate missing values within a sequence of values. This method utilizes the concept of finite differences and binomial coefficients. To demonstrate the process, let’s go through the steps required to interpolate one missing value using the binomial method. Steps for Binomial Interpolation […]
Correlation : Karl Pearson’s Coefficient of Correlation by Actual Mean
Karl Pearson’s Coefficient of Correlation, often simply referred to as Pearson’s correlation coefficient, is a measure of the linear relationship between two variables. It ranges from -1 to 1, where: 1 indicates a perfect positive linear relationship, -1 indicates a perfect negative linear relationship, 0 indicates no linear relationship. Using the actual mean method, we […]
CORRELATION : Pearson’s Coefficient of Correlation by Assumed Mean Method
Karl Pearson’s Coefficient of Correlation, often simply referred to as Pearson’s correlation coefficient, is a measure of the linear relationship between two variables. It ranges from -1 to 1, where: 1 indicates a perfect positive linear relationship, -1 indicates a perfect negative linear relationship, 0 indicates no linear relationship. Using the assumed mean method, we […]
MEAN IN CONTINUOUS SERIES
In statistics, the mean of a continuous series is the average value of the data points in a continuous frequency distribution. Unlike a discrete series, where data points are distinct and can be counted, a continuous series involves data that falls within intervals (e.g., ranges of values), and the exact data points are not known. […]
How Demand is Explained in Micro Economics
THE CONCEPT OF DEMAND IN MICRO ECONOMICS The concept of demand in microeconomics has evolved over time, with contributions from various economists. However, it is largely attributed to the foundational work of early economic thinkers during the classical and neoclassical periods. Key Contributors to the Concept of Demand: Adam Smith (1723-1790): Often considered the father […]
ECONOMICS is a Combination of MICRO & MACRO ECONOMICS
Well hi there Let’s Discuss Economics Economics is a vast and complex field that studies how societies allocate scarce resources to satisfy unlimited wants and needs. its allocation mainly drag the attention in to two main branches: microeconomics and macroeconomics. Micro means small or the study of human behaviour in to tiny forms like Microeconomics […]
The Scope of Macro Economics
THE SCOPE OF MACRO ECONOMICS Macroeconomics is the branch of economics that deals with the behavior, structure, and performance of an economy as a whole. Its scope is broad and encompasses various aspects of national and global economies. Here are some key components within the scope of macroeconomics: National Income Accounting: Macroeconomics examines the methods used to measure a nation’s total […]