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11th Class Chapter No 19 - Measures of Central Value in economics for ISC

Arithmetic Mean

An average or central value is a single value that represents all the items in a series or a set of data. It is also called measure of central tendency. The main objectives or purposes of averages are: it represents the whole data; it describes the basic features of the group

 

Median

The three measures of central tendency comprise mean, median and mode. Median is that positional value of the series which divides the group into two equal parts. One part of median comprises all values greater than or equal to median value and other part comprises less than

 

Mode

The three main measures of central tendency are mean, median and mode. Mode can be defined as the value that occurs most often in a series. Mode is that value of observation around which items are most densely concentrated.

 

Posted in 11th on July 25 2020 at 12:13 PM

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