Question

Calculate the simple and weighted average from the following and account for the difference between the two: $$ \begin{array}{|l|r|r|r|} \hline \text { Price per ton }(R s) \text { . }) & 45.60 & 50.70 & 42.45 \\ \hline \text { Tons Purchased } & 135 & 40 & 25 \\ \hline \end{array} $$

Name: Problem 4, Chapter 12: Business Mathematics and Statistics
Uploaded: 2021-04-03T06:57:55-08:00
Duration: 1 min 8 s
Channel: Jerrah Biggerstaff
Description: Calculate the simple and weighted average from the following and account for the difference between the two: Price per ton (R s) . ) 45.60 50.70 42.45 Tons Purchased 135 40 25

   Calculate the simple and weighted average from the following and account for the difference between the two:
$$
\begin{array}{|l|r|r|r|}
\hline \text { Price per ton }(R s) \text { . }) & 45.60 & 50.70 & 42.45 \\
\hline \text { Tons Purchased } & 135 & 40 & 25 \\
\hline
\end{array}
$$

Business Mathematics and Statistics

Dr. J K Das 2011 Edition

Chapter 12, Problem 4

Instant Answer

Solved by Expert Jerrah Biggerstaff

04/03/2021

Step 1

To do this, we add the prices per ton and divide by the number of prices. Simple average = (45.60 + 50.70 + 42.45) / 3 Simple average = 138.75 / 3 Simple average = 46.25 Rs per ton Show more…

Show all steps

Thanks for your feedback!

Calculate the simple and weighted average from the following and account for the difference between the two: $$ \begin{array}{|l|r|r|r|} \hline \text { Price per ton }(R s) \text { . }) & 45.60 & 50.70 & 42.45 \\ \hline \text { Tons Purchased } & 135 & 40 & 25 \\ \hline \end{array} $$

Play audio

Feedback

Jerrah Biggerstaff and 74 other subject Intro Stats / AP Statistics educators are ready to help you.

Ask a new question

Labs

Want to see this concept in action?

NEW

Explore this concept interactively to see how it behaves as you change inputs.

View Labs

Key Concepts

Arithmetic Mean (Simple Average)

The arithmetic mean, or simple average, is calculated by summing all the values and dividing by the number of values. This concept is widely used in statistics to provide a single value that represents the central tendency of a dataset, ignoring any differences in the frequency or weight of the values.

Weighted Average

The weighted average takes into account the relative importance or frequency of each value by multiplying each value by its corresponding weight and then dividing the sum of these products by the total sum of weights. This approach is particularly useful when different data points contribute unequally to the overall outcome, thereby providing a more accurate representation of the central tendency when such weights exist.

Please give Ace some feedback