01. data analysis

What is a histogram and its characteristics

A summary graph giving totals within various ranges of data.

Show quantitative data, a continuous chart meaning there are no gaps between bars, drawn using a frequency table, uses varied widths of bars

What is a frequency table

A table that lists items and uses tally marks to record and show the number of times they occur

Benefits and drawbacks of using histograms

Benefits- can detect trends, visual representation, can see large difference in shape or symmetry

Drawbacks- only shows quantitative data, if range of data is too wide effectiveness falls

What is a line graph and characteristics

Used to compare two variables, x-axis represents a continuous variable eg. Time. And the y-axis represents the second variable eg. Quantity or value

What is a pie chart?

A circular chart that is split into segments to show percentages or the relative value of different categories of data

Useful when representing things like market share or branch sales. Etc

Benefits and drawbacks of using pie charts

Benefits- easy to understand, easy to compare

Drawbacks- not detailed, might have to work out exact amount as its in percentages

What is index numbers and the calculation for it

They are used to show changes over time in data, data becomes more easily comparable

Value in the period/ value in the base period x 100

The base period is the year which all other figures are going to be compared to

What is elasticity of demand

A measure of the responsiveness of demand to changes in price or income

What is quantitative data

Based on numerical information what can be statistically analysed

What is quantitative data

Based on numerical information what can be statistically analysed

What is PED and how to calculate it

Measures the responsiveness of demand to a change in price e.g. by how much will demand change when price is changed

Percentage change in quantity demanded/ percentage change in price

How to work out percentage change

Difference/ original x 100

What would the result of the calculation for an elastic and inelastic product

Elastic ( greater than -1 e.g. -1.4)

Inelastic ( between 0 and -1, less than 1 e.g. -0.4)

What is unitary demand and the result of the equation

A change in price will cause an equally proportional change in the quantity demanded answer would be exactly 1

What is elastic demand

As price of a product increases the quantity demanded for the product decreases by more than the change in price

What is inelastic demand

A change in price causes a less than proportional change in demand