Mid-range :

Mid-range, also known as the mid-maximum range, is a measure of central tendency in statistics. It is calculated by taking the average of the highest and lowest values in a dataset. This measure is useful in identifying the “middle” of a dataset and can provide valuable insights into the overall distribution of the data.
For example, suppose we have a dataset of exam scores for a class of students. The scores range from 60 to 95, with a mid-range of 77.5. This tells us that the majority of students scored between 60 and 95 on the exam, with the average score being 77.5.
Another example is a dataset of home prices in a particular neighborhood. The prices range from $200,000 to $400,000, with a mid-range of $300,000. This indicates that the majority of homes in the neighborhood are priced between $200,000 and $400,000, with the average price being $300,000.
In both of these examples, the mid-range provides a useful summary of the data, allowing us to quickly identify the “middle” of the dataset and get a sense of the overall distribution of the data. It is important to note, however, that the mid-range is not a particularly robust measure of central tendency, as it is sensitive to outliers and can be affected by extreme values in the dataset.
In general, the mid-range is most useful when working with small or moderately-sized datasets, where the influence of extreme values is not as significant. It can also be useful as a quick and easy way to identify the “middle” of a dataset, allowing us to quickly summarize the data and get a sense of its overall distribution.