Determine the amount of cash received from customers for each of the four independent situations below.
Definitions:
Weighted Mean
An average in which each data point contributes to the final mean with a weight that reflects its importance or frequency.
Central Tendency
A statistical measure that identifies a single value as representative of an entire distribution, with the mean, median, and mode being common examples.
Variability
A statistical measure of the dispersion of data points in a data series around the mean.
Central Tendency
A statistical measure that identifies a single value as representative of an entire distribution of data, commonly the mean, median, or mode.
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