Game Theory Introduction
To understand the game theory , one must be familiar with the exact definition of word “Game” . The word game means ” Any physical or mental activity that humans do for the sake of pleasure or simply the competition between two players”. So,...Circular Flow of Income
Circular flow of income is a neoclassical model which tells us how income or money circulates in an economy. Circular flow of income means that income and expenditure in an economy are related to each other in a circular way. Receiving of income and production of...Standard Deviation
Definition “The standard deviation is defined as the positive square root of the mean of the squared deviations of the values from their mean.” Characteristics of Standard Deviation: i. The standard deviation is affected by the values of every observations. ii. The...Quartile Deviation
Definition The quartile deviation is half the difference between the third quartile and the first quartile of a frequency distribution, or simply distribution. Mathematically, quartile deviation would be represented as follows; Quartile deviation is also known as...Basics of Correlation
Definition “Correlation is an analysis in which we study the degree of closeness of relationship between the variables.” Explanation Where the values of two variables vary in such a way that the movements i.e. increase or decrease, in one variable is connected...Regression
Definition “Regression is a process by which we estimate one of the variables, which is dependent variable, on the basis of another variable, which is independent .” Dependent Variable Dependent variable is the one which is intended to be estimate or predicted is...Mode in Statistics
Definition The mode is defined as the value in the data, which occur the greatest number of times in an array of data. For example i. The mode of the values 2, 5, 7, 8, 9, 9 and 10 is 9 ii. The mode of the values 11, 12, 12, 14, 15, 15, 15, 17, 17 and 19 is 15....Quartiles, Deciles and Percentiles
Introduction: In Statistics, we commonly encounter the concept of the median, which represents the middle value or mean of the two middle values in a dataset. However, there are other essential values that divide data into equal parts for more comprehensive analysis....Median in Statistics
Definition The median divides a frequency distribution into two halves. The median of set of values arranged either in ascending order or descending order of their magnitude is referred as the middle value. Median is denoted by ( X- childa). Explanation Where the...Learn Anything
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