EXAMPLE 1.25
Median time to start a business. To find the median time to start a business for our 24 countries, we first arrange the data in order from smallest to largest:
TTS24
| 2 | 4 | 5 | 5 | 5 | 5 | 6 | 6 | 7 | 8 | 10 | 11 |
| 12 | 13 | 16 | 17 | 19 | 19 | 24 | 25 | 32 | 38 | 49 | 53 |
The count of observations is even. The median, then, is the average of the two center observations in the ordered list. To find the location of the center observations, we first compute
Therefore, the center observations are the 12th and 13th observations in the ordered list. The median is