The following table displays the marks obtained by three students on an economics test.
a)Calculate the mean marks obtained by the three students.
b)Suppose one of the scores was reported incorrectly.Charles scored 38 instead of 83.How will the mean change if the correction is incorporated?
c)How does the amount of data used affect the accuracy of a model?
Definitions:
Risk
The potential for loss or an unfavorable outcome associated with an action or decision.
Financial
Related to finances or financial systems, involving money management, investment, and economic activities.
Social
Relating to society or its organization; involving the gathering of people or entities for mutual benefit.
Product Life Cycle
A concept in marketing that describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.
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