Discuss the concepts of Mean, Median, Mode, and Standard Deviation, including when each should be used, and evaluate the differe
1 answer:
<h3>What is mean?</h3>
The mean is a mathematical concept that is used to determine what the average number is in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the mean is 2.4 (), where /5 is the sum of the given set of numbers.
The median is a term used to represent the middle value in a given set of numbers. For example, given a set of numbers, 5, 1, 1, 1, and 4, the median is 1 because it is the middle for this set of numbers counting from left to right.
<h3>What is the mode?</h3>The mode is a term that refers to the most frequently repeated value in a given set of numbers. For example, given a set of numbers 5, 1, 1, 1, and 4, the mode in the set is 1 since it occurs most, exactly three times.
<h3>What is the Standard deviation?</h3>Standard deviation is a statistical method used to determine how far (i.e the deviation) of a given dataset relative to its mean. It is often calculated as the square root of variance.
You can learn more about the concepts of Mean, Median, and Mode here brainly.com/question/14532771
#SPJ1
You might be interested in
Answer:
<u></u>
- <u>1. The slope is negative</u>
- <u>2. The demand decreases when the prices increase.</u>
Explanation:
<em>Describe the slope of the demand curve?</em>
<em>The slope of the demand curve</em> is negative.
The demand curve is graphed on a coordinate plane with the price in the horizontal axis (typically the x-axis) and the demand on the vertical axis (y-axis).
Thus, the slope will be the rate of change of the demand over the change on the price.
Mathematically:
Since, as you move from left to right, on the x-axis, the prices increase, and the demand (on the y-axis) lowers, the change in demand is negative and the change in the prices is positive, resulting in a negative slope.
This is seen graphycally because the demand curve is decreasing (downward-sloping).
<em>How does the slope reflect the law of demand?</em>
The slope reflects perfectly <em>the law of demand</em> because the law of demand states that, since the resources are scarce, when the prices incrases the quantities demanded decrease.