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:

Price-taking

A market condition in which individual buyers or sellers have no influence over the market price of a product, commonly seen in perfectly competitive markets.

Perfectly Competitive Industry

A market structure characterized by many sellers offering identical products, where no single seller can influence the market price.

Marginal Cost

The additional expense incurred from producing one more unit of a good or service.

Standardized

Made uniform in form or character, often to enable comparability across different contexts or systems.