Question

The difference between, the value of the smallest item and the value of the largest item:

• A. Range
• B. Mode
• C. Median
• D. Lorenze Curve % OCR spelling: Lorenze, usually Lorenz

Hint:

Measures of Dispersion (Spread of Data): - Range: Simplest measure; Difference between maximum and minimum values. Sensitive to outliers. - Interquartile Range (IQR): Q3 - Q1 (difference between 75th and 25th percentiles). Less sensitive to outliers. - Variance: Average of the squared differences from the Mean. - Standard Deviation: Square root of the variance. Most common measure of dispersion. Measures of Central Tendency: Mean, Median, Mode. Lorenz Curve: Used to show income/wealth inequality.

Answer 1

The Correct Option is A

Step 1: Define the statistical terms given in the options.
- (1) Range: In statistics, the range of a set of data is the difference between the largest and smallest values.
It is a simple measure of statistical dispersion or spread.
- (2) Mode: The value that appears most frequently in a data set.
It is a measure of central tendency.
- (3) Median: The middle value in a data set that has been arranged in order of magnitude.
It is a measure of central tendency.
- (4) Lorenz Curve: A graphical representation of the distribution of income or wealth.
It plots the cumulative percentage of total income received against the cumulative percentage of recipients, starting with the poorest individuals or households.
It is used to represent income inequality.

Step 2: Match the definition with the given description.
The description "The difference between the value of the smallest item and the value of the largest item" directly defines the Range.

Step 3: Confirm the correct term.
The range is calculated as: Range = Largest Value - Smallest Value.
This matches option (1).