Average Formulas
Simple Mean = (x₁ + x₂ + ... + xₙ) / n
Weighted Mean = Σ(value × weight) / Σ(weights)
Geometric Mean = ⁿ√(x₁ × x₂ × ... × xₙ)
Types of Averages
| Type | Best Used For |
|---|---|
| Arithmetic Mean | General data, equal-weight values |
| Weighted Mean | Grades, polls, prices with different importance |
| Median | Skewed data (income, home prices) |
| Geometric Mean | Growth rates, investment returns |