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Advantages It is especially useful in case of open-end classes since only the position and not the values of items must be known. The median is also recommended if th
Question: A car was machine washes each car in 5 minutes exactly. It has been estimated that customers will arrive according to a Poisson distribution at an average of 8 per hour.
Standard Deviation The concept of standard deviation was first introduced by Karl Pearson in 1893. The standard deviation is the most important and the popular measure of disp
Caveat We must be careful when interpreting the meaning of association. Although two variables may be associated, this association does not imply that variation in the independ
A monopolist firm''s demand curve is given by P:100-2q. (a) Find its marginal revenue function.
Importance and Application of probability: Importance of probability theory is in all those areas where event are not certain to take place as same as starting with games of
Regression Coefficient While analysing regression in two related series, we calculate their regression coefficients also. There are two regression coefficients like two regress
Significance of Correlation The study of correlation is of immense use in practical life. Correlation analysis contributes to the understanding of economic behavior, aids in lo
simplified formulae
Meaning and Definitions of Regression The dictionary meaning of regression is just opposite the meaning of progression. Progression means to move forward while regression means
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