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Average or
Arithmetic Mean |
is the sum of a set of numbers divided by the total number of elements in the set. Arithmetic Mean is used on the GMAT because it is a more precise term than Average. |
Range |
is the difference between the highest and lowest numbers in a set. |
Median |
If all the numbers in a set are arranged in ascending or descending order, the middle number is the median. If there is an even number of numbers, then the median is half-way between the two middle numbers. If there is an odd number of numbers, it is just the middle number. |
Average vs. Median |
The median is different from the arithmetic mean. Half of the people in a country earn more than the median income, and half earn less. The average income does not split the people into a top half and bottom half. For example, if 5 people have weekly incomes of $200, $300, $500, $13000 and $6000, the median is $500, but the average is $4000.
If a large number of people earn very little and a few earn a huge amount, the average would be quite impressive, but the median would be surprisingly low. |
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Ten students on an exam scored 20, 30, 30, 25, 30, 35, 80, 60, 40, and 90. Calculate the average and the median.
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