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Calculation of Range Video Lecture | Statistics for Economics - Class XI - Commerce
FAQs on Calculation of Range Video Lecture - Statistics for Economics - Class XI - Commerce
| 1. What is range in statistics? |  |
Range in statistics refers to the difference between the largest and smallest values in a data set. It provides a measure of the spread or variability of the data. To calculate the range, you subtract the smallest value from the largest value.
| 2. How is the range calculated? | |
To calculate the range, you simply subtract the smallest value from the largest value in a data set. For example, if you have a set of numbers {2, 5, 8, 10, 12}, the smallest value is 2 and the largest value is 12. Therefore, the range would be 12 - 2 = 10.
| 3. What does the range tell us about the data? | |
The range provides insight into the variability or spread of the data set. A larger range indicates a greater dispersion of values, suggesting more variability in the data. Conversely, a smaller range suggests less variability and a more concentrated set of values.
| 4. Can the range be used as a measure of central tendency? | |
No, the range is not a measure of central tendency. Measures of central tendency, such as the mean, median, and mode, provide information about the typical or central value in a data set. The range, on the other hand, focuses on the spread or dispersion of the data.
| 5. What are the limitations of using the range? | |
While the range provides a simple measure of variability, it has some limitations. It only considers the two extreme values in a data set and ignores the distribution of the remaining values. Additionally, the range is sensitive to outliers, meaning that a single extreme value can greatly affect its value. Therefore, it is often useful to consider other measures of dispersion, such as the standard deviation, alongside the range.
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