Question

The following are the monthly income of 10 families in a village.
Calculate mean average income per family.
₹550, ₹ 650, ₹700, ₹400, ₹550,
₹650, ₹1800, ₹900, ₹450, ₹350

Answer 1

mean = sum of all observations / total no. of observations
= 7000/10
=₹ 700

Answer 2

Answer:

The average income per family = 700

Explanation:

As per the question,

We have been provided the monthly income of 10 families in a village are  

Rs 550, Rs 650, Rs 700, Rs 400, Rs 550,  Rs 650, Rs 1800, Rs 900, Rs 450, and Rs 350.

As we know that formula for mean is:

$Mean = \frac{Sum\ of\ observations}{Total\ number\ of\ observation}$

Therefore,

$Mean = \frac{550+650+700+400+550+650+1800+900+450+350}{10}$

$Mean = \frac{7000}{10}$

Mean = 700

Hence, the average income per family = 700