The Price of Average

The average can be determined graphically using different measures. However, the price of the average that can be determined graphically is the mode and median. Let us understand this in detail.

Mode:

- The mode is the value that occurs most frequently in a data set.
- It can be determined graphically by looking at the peak or highest point of a frequency distribution graph.
- The mode is useful for determining the most common value in a data set.

Median:

- The median is the middle value in a data set.
- It can be determined graphically by finding the point where half of the data is above and half is below.
- The median is useful for determining the central tendency of a data set, especially when there are extreme values.

Mean and Mode:

- The mean is the average of a data set, obtained by adding up all the values and dividing by the number of values.
- It cannot be determined graphically, but it is useful for determining the overall average value of a data set.
- However, the mean can be affected by extreme values, and may not accurately represent the central tendency of a data set.
- The mode can be used in conjunction with the mean to provide a more complete picture of the data set.

Conclusion:

In conclusion, the price of average that can be determined graphically is the mode and median. They are useful for determining the most common value and the central tendency of a data set, respectively. The mean, although an important measure of central tendency, cannot be determined graphically and may not accurately represent the data set in the presence of extreme values.