EconomicsNEB 2082
Interpret the result of coefficient of range if difference and sum of largest and smallest value of series are 25 and 85 respectively. GROUP: B Short answer questions 8 × 5 = 40
1Answer
The coefficient of range is a measure of dispersion that indicates the relative spread of data values. It is calculated using the formula:
Given:
- Difference between the largest and smallest value (Range) = 25
- Sum of the largest and smallest values = 85
Step-by-Step Calculation:
- Range is already given as 25.
- Sum of largest and smallest values = 85.
- Plug the values into the formula:
Interpretation:
The coefficient of range is 0.294, which indicates that the data values are moderately dispersed relative to their combined range and sum. A lower value (closer to 0) suggests less dispersion, while a higher value (closer to 1) suggests greater dispersion. Here, 0.294 implies that the data points are not too widely spread but still exhibit some variability.
Discussion
Loading…
More Economics questions
Mention any two causes to arise problem of choice.NEB 20821If total cost of producing 7^th and 8^th unit of goods are Rs. 624 and Rs. 727 respectively, find marginal cost of producing 8^th unit of goods.NEB 20821Which bank is called lender of last resort ?NEB 20821State any one difference between money market and capital market.NEB 20821Mention any two indicators of human development.NEB 20821Name the international organisation dealing with global rules of trade between nations.NEB 20821