Describe the Advantages and Disadvantages of the Three Measures of Central

question 21

Essay

Describe the advantages and disadvantages of the three measures of central tendency: mean,median,mode.

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Definitions:

Marginal Private Benefits

The additional benefits received by an individual or firm from consuming or producing one extra unit of a good, not considering external effects.

Government Intervention

Actions taken by the government to influence or regulate various activities and outcomes in the economy, such as setting taxes, subsidies, regulations, and price controls.

Marginal Private Benefit

The surplus value that consumers or producers get from buying or making an extra unit of a good or service.

Marginal Private Cost

Marginal private cost is the cost that a producer incurs in making an additional unit of a good or service, excluding any external costs.