What is weighted average? Under what conditions weighted average is preferable to a simple average?

Weighted average is a type of mean where different values in a data set are assigned different levels of importance or "weights." Instead of each value contributing equally, as in a simple average, some values contribute more depending on their assigned weight. The formula for the weighted average is:

Weighted Average=∑(wi×xi)∑wi\text{Weighted Average} = \frac{\sum (w_i \times x_i)}{\sum w_i}

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