Question

1. Explain the importance and limitations of statistics?
2. Explain the types of Averages?
3. What are the methods index numbers?
4.Explain the types of correlation?
5. Distinguish between primary data and secondary data?

Answer 1

Answer:

1)Limitations of Statistics

Statisticians improve the quality of data with the design of experiments and survey sampling. (iii) Statistics laws are true on average. Statistics are aggregates of facts. So single observation is not a statistics, it deals with groups and aggregates only.

2)We use three different types of average in maths: the mean, the mode and the median, each of which describes a different 'normal' value.

3)Methods of Construction of Index Number:

Purpose of the Index Number:

Selection of Commodities:

Selection of Prices:

Selection of an Average:

Selection of Weights:

Selection of the Base Period:

Selection of Formula:

4)Types of Correlation

Positive Correlation – when the value of one variable increases with respect to another. Negative Correlation – when the value of one variable decreases with respect to another. No Correlation – when there is no linear dependence or no relation between the two variables

5)Primary data is the type of data that is collected by researchers directly from main sources while secondary data is the data that has already been collected through primary sources and made readily available for researchers to use for their own research.

Explanation:

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