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From: Webster's Revised Unabridged Dictionary (1913)

 Av·er·age, v. t. [imp. & p. p. Averaged (░); p. pr. & vb. n. Averaging.]
 1. To find the mean of, when sums or quantities are unequal; to reduce to a mean.
 2. To divide among a number, according to a given proportion; as, to average a loss.
 3. To do, accomplish, get, etc., on an average.