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Complete the following observations: (i) Statistics means __________ (ii) Statistics and economics are __________. (iii) The term population refers to __________. (iv) Descriptive Statistics means those methods_________ . |
| Answer» Statistics means -the practice or science of collecting and analysing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.Statistics and economics are-Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc.Population- a population is a set of similar items or events which is of interest for some question or experiment. ... In statistical inference, a subset of the population (a statistical sample) is chosen to represent the population in a statistical analysis.Descriptive statistics-Descriptive statistics are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire or a sample of a population. Descriptive statistics are broken down into measures of central tendency and measures of variability (spread). | |