Percentiles and moments

Next, we'll talk about percentiles and moments. You hear about percentiles in the news all the time. People that are in the top 1% of income: that's an example of percentile. We'll explain that and have some examples. Then, we'll talk about moments, a very fancy mathematical concept, but it turns out it's very simple to understand conceptually. Let's dive in and talk about percentiles and moments, a couple of a pretty basic concepts in statistics, but again, we're working our way up to the hard stuff, so bear with me as we go through some of this review.

Percentiles

Let's see what percentiles mean. Basically, if you were to sort all of the data in a dataset, a...