From the course: Business Math

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Famous averages: Dow Jones and consumer prices

Famous averages: Dow Jones and consumer prices

From the course: Business Math

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Famous averages: Dow Jones and consumer prices

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- We all know what an average is. You take all the values, add them up, and then divide by the number of values. So, for the 2016-2017 season, the average salary of an NBA player was $5,012,892. Or how about this, for the 2016 season, the average salary hit of an NFL player was $1,864,102. Now, when two parents go to the doctor with their three-year-old child, their first child, and the child is weighed and measured, they want to be able to compare their child with the average height for a three-year-old, about 38 inches, and the average weight of a three-year-old, about 32 pounds. When I administer a midterm exam to my introductory accounting students, the first question I get from them after the exam is this, what was the average? Students want to be able to assess their score by comparing it to the average score. By the way, the typical average on one of my introductory accounting exams is between 70% and 75%. I once gave a final exam where the average was 48%. Yikes, I think I…

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