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For calculating the mode of the grouped data graphically, the following procedure is adopted.
Draw a histogram of the data; the modal class is the tallest rectangle.
Draw a line from the top right corner of the tallest rectangle to the top right corner of the preceding rectangle.
Draw a line from the top left corner of the tallest rectangle to the top left corner of the succeeding rectangle.
Draw a line perpendicular to the X-axis from the point of intersection of lines drawn in steps 2 and 3. The point of intersection of the perpendicular line with the X-axis represents the mode.
Example
Let us calculate the Mode using the graphical method for the following distributions:
Gross profits as percentage of sales
0-7
7-14
14-21
21-28
28-35
36-42
42-49
Number of companies
19
25
36
72
51
43
28
Using the procedure described above, we draw the histogram and other lines for the calculation of mode. The mode is 25.
Construct index numbers of price for the following data by applying: i) Laspeyre’s method ii) Paasche’s method iii) Fisher’s Ideal Index number
"index number is an economic barometer" comment on this statement
Year Production 2006 8 2007 6 2008 10 2009 12 2010 11 2011 15 2012 14 2013 16 Determine the trend from data given above?
If the data set contains an odd number of items, the middle item of the array is the median. If there is an even number of items, the median is the average of the two items. If the
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operation
Empirical Mode Where mode is ill-defined, its value may be ascertained by the following formula based upon the empirical relationship between Mean, Median and Mode: Mode = 3
calculate variance and standard deviation of the following sample 12,22,32,13,12,23,34,52,56,23,44,32,11,11
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