How to Calculate the Mean or Average ( Arithmetic Mean)

The mean is the average of the data set which is given by the sum of all measurements divided by the number of observations in the data set. 

The mean is given by the formula:

Worked Example

The amount of money spent daily on food by a certain family for a particular week were respectively as follows:

$65 , $45 , $ 40,  $45, $45, $ 50, $ 60.

Find how much the family expects to spend on food on a given day.

Solution