Central value is called a measure of central tendency or an average or a measure of locations.

**Arithmetic mean or mean**

Central value is called a measure of central tendency or an
average or a measure of locations. There are five averages. Among them mean,
median and mode are called simple averages and the other two averages geometric
mean and harmonic mean are called special averages.

·
*“A measure of central tendency is a typical value around which
other figures congregate.”*

·
*“An average stands for the whole group of which it forms a part
yet represents the whole.”*

·
*“One of the most widely used set of summary figures is known as
measures of location.”*

The mean of a variable is defined as the sum of the observations
divided by the number of observations. If the variable x assumes n values x_{1}, x_{2} … x_{n} then the mean, , is
given by summing of all x values divided by the number of x values.

This formula is for ungrouped or raw data.

Tags : Statistical Methods and Econometrics , 12th Economics : Chapter 12 : Introduction to Statistical Methods and Econometrics

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12th Economics : Chapter 12 : Introduction to Statistical Methods and Econometrics : Arithmetic mean or mean | Statistical Methods and Econometrics

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