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Mathematical Properties
The sum of deviations of the items from the arithmetic mean (taking signs into account) is always zero, i.e. = 0.
The sum of the squared deviations of the items from arithmetic mean is less than the sum of the squared deviations of the items from any other value, i.e. is less than where A is any other point, different from .
Since, = , (N x ) = .
If we have the arithmetic mean and number of items of two or more than two groups, we can compute combined average of these groups, by applying the following formula:
where,
Analytical Approach We will illustrate this through an example. Example 1 A firm sells a product in a market with a few competitors. The average price charged by the
WHAT YOU MEAN BY UTILITY OF MANAGERIALECONOMICS
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The Harmonic Mean is based on the reciprocals of numbers averaged. It is defined as the reciprocal of the arithmetic mean of the reciprocal of the given individual observations. Th
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Empirical Mode Where mode is ill-defined, its value may be ascertained by the following formula based upon the empirical relationship between Mean, Median and Mode: Mode = 3
1. Definition of decision tree, 2. Feature of decision theory problem
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