What are the applications of mean, median, and mode in real life?
Mean, median, and mode are statistical measures used in various fields like economics, education, and healthcare.
Can you give me an example of how the mean is used in business?
Sure! Businesses use the mean to analyze average sales over a period, helping them make informed decisions.
What about the median? How is it useful?
The median is useful in real estate to determine the middle price of homes, providing a better market overview.
And the mode? Where is it commonly applied?
The mode is often used in retail to identify the most sold product, helping in inventory management.
Thanks! This was really helpful.
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