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Mind Map: Measures of Central Tendency | Economics Class 11 - Commerce

The document Mind Map: Measures of Central Tendency | Economics Class 11 - Commerce is a part of the Commerce Course Economics Class 11.
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FAQs on Mind Map: Measures of Central Tendency - Economics Class 11 - Commerce

1. What are the three main measures of central tendency?
Ans. The three main measures of central tendency are the mean, median, and mode. The mean is the average of a set of numbers, calculated by adding all the values together and dividing by the number of values. The median is the middle value when the numbers are arranged in order, and if there is an even number of values, it is the average of the two middle numbers. The mode is the number that appears most frequently in a data set.
2. How is the mean calculated, and what are its advantages and disadvantages?
Ans. The mean is calculated by summing all the values in a data set and then dividing by the total number of values. Its advantages include being easy to calculate and widely used in various statistical analyses. However, its disadvantage is that it can be heavily influenced by outliers, which can skew the results and may not represent the data accurately.
3. What is the difference between the median and the mode?
Ans. The median is the middle value in a sorted list of numbers, while the mode is the value that occurs most frequently in a data set. The median provides a better measure of central tendency when the data set has outliers or is skewed, as it is not affected by extreme values. In contrast, the mode can be used with categorical data to identify the most common category.
4. When should I use the median instead of the mean?
Ans. You should use the median instead of the mean when your data set contains outliers or is skewed. For example, in income data where a few individuals earn significantly more than the rest, the mean may not accurately represent the typical income. In such cases, the median provides a better measure of central tendency because it reflects the middle point of the data without being influenced by extreme values.
5. Can a data set have more than one mode?
Ans. Yes, a data set can have more than one mode. When a data set has two modes, it is referred to as bimodal, and if it has more than two modes, it is called multimodal. This occurs when multiple values appear with the same highest frequency. Identifying all modes in a data set can provide insights into the distribution of data points.
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