In: Economics
Imagine that we are only given the following frequency distribution: class f 46-50 3 51-55 6 56-60 3 What is the estimated arithmetic mean?
46-50, midpoint is = 48
51-55, midpoint is = 53
56-60, midpoint is = 58
Multiply each midpoint by the frequency =
48*3 = 144
53*6 = 318
58*3 = 174
Add the results from Step above and divide the sum by 12
= 636/12 = 53