# mean

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## 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 ?
The magician left Persia for ever, which plainly showed that he was no uncle of Aladdin's, but a cunning magician who had read in his magic books of a wonderful lamp, which would make him the most powerful man in the world.
he don't get a lamp!" (a remark which I never made.)
Bahadur Khan stood ashen grey in the light of the one lamp. The need for justification came upon him very swiftly.
But, I took him into the room I had just left, and, having set the lamp on the table, asked him as civilly as I could, to explain himself.
The figure with the lamp opened the door with one of the keys he wore suspended at his girdle, where, during the whole of the brief journey, the king had heard them rattle.
How they came to find themselves walking down a street with many lamps, corners radiant with light, and a steady succession of motor- omnibuses plying both ways along it, they could neither of them tell; nor account for the impulse which led them suddenly to select one of these wayfarers and mount to the very front seat.
Now the girl from the North had been lying near the lamp, eating very little and saying less for days past; but when Amoraq and Kadlu next morning packed and lashed a little hand- sleigh for Kotuko, and loaded it with his hunting-gear and as much blubber and frozen seal-meat as they could spare, she took the pulling-rope, and stepped out boldly at the boy's side.
"Here, old lady, give me the lamp," and taking it from Gagool's hand, he stepped through the doorway and held it high above his head.
Doctor Manette, whom this visitation had so turned into stone, that be stood with the lamp in his band, as if be woe a statue made to hold it, moved after these words were spoken, put the lamp down, and confronting the speaker, and taking him, not ungently, by the loose front of his red woollen shirt, said:
The Time Traveller put the lamp down on the bench, and ran his hand along the damaged rail.
But he did not manage to light his lamp (I don't think he even tried), though in the morning as usual he was the first on deck, bull-necked, curly-headed, watching the hands turn-to with his sardonic expression and unflinching gaze.
A tall candelabrum, bearing a small antique lamp with highly perfumed oil, is standing near the head of my sleeping friend.

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