Measurement of central tendency

Q:Define Mean? Ans: Airthematic mean is defined as the value obtained by dividing the sum of values by their numbers. Example: 40/5 =8

Q: Define Mode? Ans: the mode is defined as that observation in the data which occurs most frequently. Example: 1,2,3,4,5,2,4,2,5,7,8,9,10. In this example 2, 4 and 5 is mode.

Q: Define median? Ans: the center value of an array data is called median. Formula n+1/2.

Index number
Define simple index number? Ans: An index number that is computed for a single variable is called simple index number.

Define composite index number? Ans: An index number that is computed for two or more variables is called composite index number.

Q: define the types of index number? Ans: There are three types of index number. Price index number Quantity index number Aggregate index number Q: define the uses of index number? Ans: it is a device for measuring changes in a variable. It is also used to compare the variables with one another. It is mainly used in businesses and economic field. It can also be used to measure the effectiveness of teaching system. It is also used in stock exchange.

Q: define the wholesale index number? Ans: This index number is designed to measure the changes in the goods and services produced in different sectors of the economy.