Question

Calculate the weighted mean from the following sales $400, $700, $300 ,$600, $300, $400, $700

Answer 1

The weighted mean of the sales amounts ($400, $700, $300, $600, $300, $400, $700) is approximately $485.71, calculated by considering the frequency of each value.

The weighted mean is calculated by multiplying each value by its corresponding weight (in this case, sales amount), summing these products, and then dividing by the sum of the weights. In your case, the weights are the number of occurrences for each sales amount.

Sales: $400 (Weight: 2)

Sales: $700 (Weight: 2)

Sales: $300 (Weight: 2)

Sales: $600 (Weight: 1)

Now, compute the weighted mean:

`\[ \text{Weighted Mean} = ((400 * 2) + (700 * 2) + (300 * 2) + (600 * 1))/(2 + 2 + 2 + 1) \]`

`\[ \text{Weighted Mean} = (800 + 1400 + 600 + 600)/(7) \]`

`\[ \text{Weighted Mean} = (3400)/(7) \]`

`\[ \text{Weighted Mean} \approx 485.71 \]`

Therefore, the weighted mean of the given sales amounts is approximately $485.71.