When should one of mean, mode, and median be used over the other
In: 15
Say you paid $100 to enter a prize raffle (or perhaps to play slots).
The median prize value is $10. It helps you understand whether you did better or worse than “most people”.
The mean prize value is $80 dollars. It tells you that you can expect to lose 20% of your money if you enter many times.
The mode prize value is $5. Most of the time you’ll get $5 back.
The max prize value is $1000000. You could win this but only in the best scenario, probably unlikely.
The min prize value is $0. Very occasionally you won’t get anything.
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