State with reasons whether you agree or disagree with the following statement: Partition values have application only in theory but not in practice. - Economics

QUESTION

State with reasons whether you agree or disagree with the following statement:

Partition values have application only in theory but not in practice.

Options

• Agree

• Disagree

SOLUTION

No, I do not agree with this statement.

Reasons:

1. Partition values like quartiles, deciles, percentiles divide the given set of observations into equal number of parts. So they have application in theory.
2. Quartiles, deciles, percentiles are very useful to study the concepts of population, unemployment, poverty, etc.
3. Quartiles, deciles, percentiles are also useful in practice while framing various government policies related to removal of poverty, inequality, measurement of health indicators, etc. Thus, partition values have applications in theory as well as in practice.