Definition Mode is the only measure of central tendency that works for categorical data. The Statistics Made Simple textbook covers mode alongside mean and median with a modern, worked-example approach. 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...
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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. Quartiles divide data into four parts, deciles into ten parts, and percentiles into one hundred parts. Quartiles are where most...
Median in Statistics
Median is one of the most exam-tested descriptive statistics, especially when data is skewed or has outliers. The Statistics Made Simple textbook covers median alongside mean and mode with a modern, worked-example approach. 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...
Mean and its Types in Statistics
Arithmetic, geometric and harmonic mean each answer a different question, and knowing which one a problem is actually asking for is half the battle. The Statistics Made Simple textbook covers all three with a modern, worked-example approach. Averages Introduction We have already learned that it is difficult to learn anything from the raw unless and until the data is arranged in proper manner....
Types of Frequency Distribution
Cumulative, relative, and bivariate distributions are all built from the same base table, and getting comfortable moving between them is mostly a matter of practice. The Statistics Made Simple Practice Questions workbook has a dedicated section on exactly this. Introduction Frequency distribution table can be presented in various ways, depending upon the usage and utilization of the data....
Frequency Distribution
Frequency distributions are the foundation everything else in this subject builds on. The Statistics Made Simple textbook covers this same material with a modern, worked-example approach and matching practice questions. Introduction Before preparing frequency distribution it is necessary to collect data of the required nature from the various sources. The data collected is always in raw form...
Perfect Competition vs Monopoly (In Detail)
Introduction Perfect competition and monopoly represent the two extreme ends of the market structure spectrum in economics. Understanding their differences is fundamental to microeconomics, as they produce completely different outcomes for prices, output, and consumer welfare. Perfect Competition: Many sellers, many buyers, identical products. Monopoly: Single seller, many buyers, unique...
Sources of Monopoly Power
We all know that pure monopoly is very rare in today rapidly growing and progressing businesses. Every now and then we have competitors around us so we barely see such companies who can rule the whole market without having any barriers or alternative. Â Yet there are two questions that come up when we are talking about a pure monopolist. Are you interested in creating an Academic Blog just like...
The effect of Shifts in Demand in Monopoly
A Monopolistic market has no Supply curve The reason behind it the NO SUPPLY CURVE is that the monopolist output decision depends not only on Marginal cost but also on the Shape of Demand Curve. Note that the shape of demand curve do not tell us Price and Quantity that reaches to a competitive supply curve. Instead, shifts in demand curve can lead to Study smarterMonopoly pricing, why a...
How does a Monopolist finds the correct Price and Output in Practice ?
When we are talking about an Imperfect competitive firm who is a price taker and has enough market power to have its Products price above the Marginal cost, than we also need to find out what would be that correct price and output that a monopolist must use to have its MR=MC. Just like we discussed in our last discussion about the Output decision of Monopoly. So a rule of thumb is applied in...
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