I'm having a hard time understanding what does these values really represents, most about the weighted mean actually. I will give an example:
In a factory there's 2 equipments:
Equipment 1 produces 100 tons in 10 hours
Equipment 2 produces 100 tons in 2 hours
If we calculate the arithmetic mean that's easy as
(100 + 100) / (10 + 2) = 16,6 t/h.
If we calculate the weighted arithmetic mean on volume, that should be:
(50t/h * 100t + 10t/h * 100t) / (100t + 100t) = 6000t²/h / 200t = = 30t/h
Ok, now what does these values really mean? The arithmetic mean,
16,6t/h, I think it simply means that each hour of the day we will have 16,6 tons of the product being produced, is that correct? Now what about the
30 t/h? Is it right to think that after one hour of the day I will have 30 tons of the product? How so?