Mean, median, quantiles and variance in economic data

What this note covers

1. Why this note is about using statistics, not calculating them
2. The mean and the median as measures of the centre
3. Quantiles: quartiles, deciles and percentiles
4. Variance as a measure of spread
5. Reading the gap between mean and median
6. Worked example: comparing wages in two fictional towns
7. How this topic is examined and what earns full marks

7 sections · 11 key terms & formulas · 6 common mistakes