why is maximum repeated value is termed as mode in economics
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It is the value in a series of observation that repeats maximum number of times and which represents the whole series as most of the values in the series revolves around this value. Therefore, mode is the value that occurs the most frequent times in a series.
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Explanation:
It is the value in a series of observation that repeats maximum number of times and which represents the whole series as most of the values in the series revolves around this value. Therefore, mode is the value that occurs the most frequent times in a series.
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