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Max (Parent) January 5 2016
Firstly, understanding how to construct a histogram will make understanding the Normal Distribution aka Gaussian Distribution much easier.
It is still an arrangement of a data set in which most values cluster in the middle of the range and the rest taper off symmetrically toward either extreme. The result is a bell-shaped curve which we can describe using two factors: mean and standard deviation. Just like a histogram, the more area there is, the more data points there are. However, the Normal Distribution gives us a probability instead.
The precise shape can vary according to the distribution of the population but the peak is always in the middle and the curve is always symmetrical. In a normal distribution, the mean, mode and median are all the same.see more
The Phillips curve shows the inverse relationship between unemployment and inflation named after British economist AW Phillips.
Once inflation and unemployment rates were plotted on a scatter diagram, the data appeared to demonstrate an inverse and stable relationship between inflation and unemployment.
The curve suggested that changes in the level of unemployment have a direct and predictable effect on the level of price inflation. The accepted explanation during the 1960’s was that a fiscal stimulus, and increase in AD, would trigger the following sequence of responses:
An increase in the demand for labour as government spending generates growth.
The pool of unemployed will fall.
Firms must compete for fewer workers by raising nominal wages.
Workers have greater bargaining power to seek out increases in nominal wages.
Wage costs will rise.
Faced with rising wage costs, firms pass on these cost increases in higher prices.