Understanding Bar Charts Easily with 24x7assignmenthelp.Com

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As you might have studied in statistics, these are nothing but a group of data represented in a rectangular form. Usually such a chart is made in a way that bigger the vertical or horizontal bars, more the quantity.

A typical Graph may have a label, axis and scales with data displayed either vertically or horizontally. The x-axis represents categories and y-axis represents value for those categories. Though these graphs are useful in all verticals of statistics, it is especially used to represent data in finance and economics.

Uses

The chief function is in relaying information quickly with the help of the bars where each one represents a value. This is the main reason why these Charts are very helpful in visualizing economic problems and interpreting its solutions.

In economics, one of the most common uses of Bar Graphs is in comparing median household income among various states. In such a graph one axis may represent different states and other a discreet range of data points for median income.

They also form an integral part of other economic concepts such as price index, government financing, household budgets among others.

Types

Bar charts provide a useful and intelligent way of representing data. There are various kinds of bar charts depending on an individual’s need. Some of them are: –

1. Grouped: –

This assists in showing information about sub-groups of the main category where a separate bar will represent each of its sub-group.

1. Double: –

This is a spin-off of a grouped bar graph with only two sub-groups showing on the graph

1. Stacked: –

This is a bar graph showing all sub-groups stacked or displayed on the same bar.

1. Segmented:

This is a type of Stacked Bar Chart. Each bar shows 100% of discreet value.

Bar Chart in itself is a very important topic of Economics. We assure you great grades if you opt for Bar Chart assignment help and Bar chart homework help from us.

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