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MTH 154 VCC Compute Weighted Averages

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Economics

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Virginias Community Colleges

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Section 2.2 Weighted Averages Objective 1 – Compute Weighted Averages Key Terms Weighted average Summary The 2015-16 tuition, fees, room and board in the table below are said to be “enrollment weighted” as indicated by the note from the National Center of Education Statistics: Private Four-Year Public Four-Year Public Two-Year $39,529 $19,189 $9,939 NOTE: Data are for the entire academic year and are average charges for full-time students. Tuition and fees were weighted by the number of full-time-equivalent undergraduates, but were not adjusted to reflect student residency. SOURCE: U.S. Department of Education, National Center for Education Statistics (2018). Digest of Education Statistics, 2016 (NCES 2017-094),Table 330.10. Take a moment and think about what this might mean. If they simply list the tuition, fees, room and board for all schools and take the arithmetic average (add them up and divide by total number of schools); then they don’t take into account that only 2,000 students at Bowdoin College paid over $80,000 while over 30,000 students at U.T. Austin only paid $20,000. Just averaging $20,000 and $80,000 would be $50,000 for the two schools. But adding the total amount paid by all students and dividing by all students we get: 2,000  $80,000  30,000  $20,000 $760,000,000   $23,750 2,000  30,000 32,000 So the enrollment weighted average of $23,750 is heavily weighted toward the $20,000 by the 30,000 students paying this compared to ...
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