Lesson Basics of Mean (Arithmetic Mean)

Source code of 'Basics of Mean (Arithmetic Mean)'

This Lesson (Basics of Mean (Arithmetic Mean)) was created by by Shruti_Mishra(0)

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About Shruti_Mishra: I am a maths graduate from India and am currently persuing masters in Operations Research.

<A href="arithmetic_mean.wikipedia">Arithmetic Mean</A>, often simply known as mean or average is one of the most commonly used statistics. It is used for getting an estimate of the central value of a series. Though there are several estimates used for the same, like median and mode, mean is the most common of the three.

Mean can be categorized into three types:
1. <A href="arithmetic_mean.wikipedia">Arithmetic Mean</A>
2. <A href="geometric_mean.wikipedia">Geometric Mean</A>
3. <A href="harmonic_mean.wikipedia">Harmonic Mean</A>

In this chapter we will study about the arithmetic mean. The formula for calculating the arithmetic mean is:
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{{{(1/n)*sum(x[i],1,n)}}}
</center>
where {{{x[i]}}} is the ith element of the series. The mean is thus the sum of all elements of the series divided by the number of elements in the series.

Example: Find the arithmetic mean of the series: {1,4,7,8,10}.
Solution: The mean of the series would be {{{(1+4+7+8+10)/5 = 6}}}

The formula for calculating geometric and harmonic mean is as follows:
<center>
Geometric Mean: {{{(x[1]x[2]x[3]___x[n-1]x[n])^(1/n)}}}
Harmonic Mean: {{{n*((sum(1/x[i],1,n))^(-1))}}}
</center>

To calculate the mean of a series, you may use the following <A href="compute-stats.solver">solver</A>.