Arithmetic mean or mean ( )
Chapter 13: Chapter 12 · ECONOMICS · EN medium
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Central value is called a measure of central tendency or an average or a measure of locations. There are five averages. Among them mean, median and mode are called simple averages and the other two averages geometric mean and harmonic mean are called special averages. Meaning of Average “A measure of central tendency is a typical value around which other figures congregate.” “An average stands for the whole group of which it forms a part yet represents the whole.” “One of the most widely used set of summary figures is known as measures of location.”
📖 Class 12 Economics English Medium 2024 Edition www.tntextbooks.in · Page 268
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Central value is called a measure of central tendency or an average or a measure of locations. There are five averages. Among them mean, median and mode are called simple averages and the other two averages geometric mean and harmonic mean are called special averages. Meaning of Average “A measure of central tendency is a typical value around which other figures congregate.” “An average stands for the whole group of which it forms a part yet represents the whole.” “One of the most widely used set of summary figures is known as measures of location.”
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