# mean

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Related to mean: standard deviation

## Mean

The expected value of a random variable. Arithmetic average of a sample.

## Arithmetic Mean Average

An average calculated by adding the value of the points in a data set and dividing the sum by the number of data points. For example, suppose one wishes to calculate the average income of a country with exactly five people in it, and their incomes are \$25,000, \$26,000, \$43,000, \$70,000, and \$72,000. It is calculated as:

(\$25,000 + \$26,000 + \$43,000 + \$70,000 + \$72,000) / 5 = \$47,200.

A limitation to the arithmetic mean average is that it can be overly affected by extremes in either direction. For example, if one of the five persons in the country earns \$100 billion per year, the arithmetic mean average income would be in the billions and would not accurately count the other four citizens. For this reason, many analysts use the median in conjunction with the arithmetic mean average. The arithmetic mean average is also called simply the mean.

## mean

The average of a set of numbers.Contrast with median,which is the middle figure in a set of numbers,and mode,which is the value that appears most often in a set of numbers.

Example: A survey of home values in a neighborhood of nine houses obtained the following values:

The mean, or average, is the total of all values divided by 9, or \$143,044.The median is the middle number when the numbers are all arranged from highest to lowest,which would be house 5, or \$139,850.The mode is \$139,000,because it is the number that appears most often.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in classic literature ?
In all these ways the causal laws concerning images are connected with the causal laws concerning the objects which the images "mean." An image may thus come to fulfil the function of a general idea.
The problem with which we shall be concerned in this lecture is the problem of determining what is the relation called "meaning." The word "Napoleon," we say, "means" a certain person.
'That's a great deal to make one word mean,' Alice said in a thoughtful tone.
'In spring, when woods are getting green, I'll try and tell you what I mean.'
Then when the person who asks me is not in his right mind I am by no means to make the return?
Of course, in the beginning, this cannot be effected except by means of despotic inroads on the rights of property, and on the conditions of bourgeois production; by means of measures, therefore,which appear economically insufficient and untenable, but which, in the course of the movement, outstrip themselves, necessitate further inroads upon the old social order, and are unavoidable as a means of entirely revolutionising the mode of production.
Centralisation of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.
Now there is that troublesome word VERMA"HLT: to me it has so close a resemblance--either real or fancied--to three or four other words, that I never know whether it means despised, painted, suspected, or married; until I look in the dictionary, and then I find it means the latter.
The word SCHLAG means Blow, Stroke, Dash, Hit, Shock, Clap, Slap, Time, Bar, Coin, Stamp, Kind, Sort, Manner, Way, Apoplexy, Wood-cutting, Enclosure, Field, Forest-clearing.
And have you no means of checking frauds of this kind by commanding your neighbouring subjects to feel one another?" This of course was a very stupid question, for feeling could not have answered the purpose; but I asked with the view of irritating the Monarch, and I succeeded perfectly.
Upon this, Wilkins was immediately summoned; who having confirmed what the captain had said, was by Mr Allworthy, by and with the captain's advice, dispatched to Little Baddington, to inform herself of the truth of the fact: for the captain exprest great dislike at all hasty proceedings in criminal matters, and said he would by no means have Mr Allworthy take any resolution either to the prejudice of the child or its father, before he was satisfied that the latter was guilty; for though he had privately satisfied himself of this from one of Partridge's neighbours, yet he was too generous to give any such evidence to Mr Allworthy.
With Venetian mystery I seek those No Thoroughfares at night, glide into them by means of dark courts, tempt the schoolmaster to follow, turn suddenly, and catch him before he can retreat.

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