SYND 19 12 74 SCENES OF OIL REFINERIES IN SAUDI ARABIA

The video provides a brief introduction to the concept of average price, explaining its significance and application in various contexts.

What is the primary purpose of understanding the average price?

• To find the most common price

• To calculate the central value of a set of prices

• To identify the lowest price in a dataset

• To determine the highest price in a dataset

Which method is commonly used to calculate the average price?

• Selecting the most frequent price

• Finding the median of the prices

• Adding all prices and dividing by the number of prices

• Subtracting the lowest price from the highest

Why is it important to calculate the average price accurately?

• To decrease the lowest price

• To increase the highest price

• To ensure fair pricing strategies

• To eliminate outliers

In which scenario might the average price be misleading?

• When prices are evenly distributed

• When prices are in a narrow range

• When there are extreme outliers

• When all prices are similar

How can businesses use the average price in decision-making?

• To set competitive pricing

• To ignore market trends

• To focus only on the highest price

• To disregard customer preferences