Arithmetic Mean of a set of numbers is the sum of the numbers divided by the number of items in the set.
Arithmetic mean is also called as average.
Arithmetic mean or average of a set of numbers is
given by =
Arithmetic mean of three numbers 3, 6, and 7 can be calculated as: Arithmetic mean =
= = = 5.33
Correct Answer: A
Step 1: The mean is the average of the prices.
Step 2: Average =
Step 3: = [Substitute the values.]
Step 4: = [Add.]
Step 5: = 6 [Divide.]
Step 6: The mean price is $6.