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Mean and Variance: What is the Difference?

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Question: Define variance and (b) indicate what it tells you about a distribution and how this is different from what the mean tells you.

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Solution Summary

This solution is comprised of a detailed explanation of the terms: mean and variance. This solution mainly discusses the definition of these terms, along with examples.

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Solution:
(a) Define variance
Variance is the measure of variability. It is also called a measure of dispersion. It tells us that how much variation is present in the data. A high value of variance indicates a higher variability in the data. ...

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