Weighted Average Flashcards
1
Q
What should you look at, to see when to use Weighted average technique?
A
1.- Combined Average (or overall average): This is a single value representing the average of two or more combined groups.
2.- Individual averages for the groups: you need the average or variable for each group.
3.- One Missing element
2
Q
what is one condition for Weighted Average ranges?
A
The Weighted Average or average, has to be between the ranges. It cannot be more or less.
Example:
John and Ingrid pay 30% and 40% tax annually, respectively. If John makes 56,000 and Ingrid makes 72,000 , what is their combined tax-rate?
- The range MUST be between 30%-40% inclusive
3
Q
What do you need to use the Weighted Average shortcut?
A
4
Q
Do 3 Weighted Average Problems
A
