what is statistical average ?And give any four objectives of statistical average .
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Statistical average is the presentation of whole data as one value which represent its core attributes and functioning.
Objectives:
It is used to present the data in a brief form.
It also helps to obtain a picture of a complete group and extract important information from it.
It is the basis of statistical analysis as it analyse the data.
It helps in comparing the data of various categories.
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Answer: Budget Set: Budget set refers to the attainable combinations of a setof two goods, given prices of the goods and income of the consumer. ... Similarly, if income of the consumer remains unchanged, the budget linewill shift to the right when there is a proportionate fall in the prices of both goods X and Y.
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