Formula to Calculate Midrange of a Number
Midrange formula is used in order to calculate the middle value of the two number given and according to the formula the given two number are added and the resultant is divided by the 2 in order to get the midpoint value of the two.
The midrange can be defined as the middle point of a range of numbers. The mid-range of a series of the number will be the average of the highest number and the lowest number of that series. If a series of number has 10 observations and the highest point of that observation is 250, and the lowest point is 50. Then the range for that observation will be from 50 to 250.
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Source: Midrange Formula (wallstreetmojo.com)
Examples
Example #1
Let us try to find out how to calculate the midrange with the help of an example. Let us try to analyze the height of a class of 8 students in centimeters. Suppose the heights of each student in the class are 124, 130, 115, 118, 110, 135, 145, and 117. In order to calculate this for the whole population, we need to find out the highest value and the lowest value of the observed values.
Solution:
Use the following data for the calculation
The highest value of the observed heights will be-
Highest Value = 145
The lowest value of the observed heights will be-
Lowest Value=110
So, the calculation of midrange can be done as follows-
= (145+110)/2
The example shows that the midrange for the observed value is 127.5 centimeters.
Example #2
Let us try to find out how to calculate the midrange with the help of another example. Let us try to analyze the weight of a class of 8 students in kilograms. Suppose the weights of each student in the class are 45, 49, 54, 60, 42, 65, 56, and 59. In order to calculate this for the whole population, we need to find out the highest value and the lowest value of the observed values.
Solution:
Use the following data for the calculation of the midrange.
The highest value of the observed weights will be-
Highest Value =65
The lowest value of the observed weights will be-
Lowest Value = 42
So, the calculation of midrange can be done as follows-
= (65+42)/2
The example shows that the midrange for the observed value is 53.5 kilograms.
Example #3
Let us try to find out how to calculate the midrange with the help of another example. Let us try to analyze the price of a series of Samsung phones sold in a store. Suppose the price of a range of Samsung phones are $160, $168, $185, $195, $115, $186, $125 and $150. In order to calculate this for the whole population, we need to find out the highest value and the lowest value of the observed values.
Solution:
Use the following data for the calculation of the midrange.
The highest value of the observed prices will be-
Highest Value =195
The lowest value of the observed prices will be-
Lowest Value =115
So, the calculation can be done as follows-
= (195+115)/2
Relevance and Use of Midrange Formula
The midrange formula is relevant in practical life. Like the mobile example we discussed above, a company has a range of phones with various price points at any given point of time. So with the help of finding out the mid-range of the series of phones, one can make out whether the particular model of the phone he is looking for is above the average price or below the average price. If we find out midrange of the weights of a class of students, then by having that, we can make a guess whether a particular student is overweight or underweight in that class.
Recommended Articles
This has been a guide to Midrange Formula. Here we learn how to calculate the middle value of two given numbers along with practical examples and a downloadable excel template. You can learn more about excel modeling from the following articles –
- What is Harmonic Mean?
- Formula of Weighted Mean
- Percentile Rank Calculation
- P Value Formula Calculation
- Annualized Rate of Return Formula
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