How is the mean calculated from a series of observations? Suppose 5,000 people bought popsicles on a hot summer day. If the average number of popsicles that each person bought is 2, how many popsicles were sold that day?
What will be an ideal response?
The mean is the average value of a set of observations. It is calculated as the sum of all the different items divided by the number of items.
The average value is the sum of all popsicles sold divided by the number of people who bought them. If each of the 5,000 people bought an average of 2 popsicles, that means that 10,000 popsicles were sold that day.
Economics
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