Measures of location The values of P50, Q2, and the median are found for the net incomesreported on all individual 1040 tax forms filed last year. What do those values have incommon?

C8 Lab session C9 intro to probability C10 independence and conditional probability Quantitative variables: averages or differences have meaning o Ex: weight, height, income, age Categorical variables: classify people or things o Ex: gender, race, occupation, political affiliation, country of origin Some quantitative variables are expressed as categorical o Ex: income Statistics the science of decision-making in the face of uncertainty how to measure uncertainty probability Probability: a numerical measure of the likelihood that an outcome or an event occurs o P(A)= probability of event A 3 methods for assessing probability o Classical o Relative frequency