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Loosely speaking, the mode is the highest bump, the median is where half the area is to the right and half is to the left, and the mean is where the histogram would balance, were it a solid object cut out of a uniform block of metal

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This part is all in subjunctive mood/conditional, indicating the hypothetical:

the mean is where the histogram would balance, were it a solid object cut out of a uniform block of metal

meaning:

the mean is where the histogram would balance, if it [the histogram] were a solid object cut out of a uniform block of metal

or, less formal:

the mean is where the histogram would balance, if it [the histogram] would be a solid object cut out of a uniform block of metal

The "were it" subject-verb inversion devices replaces the "if" conditional construct.

"If it would be" is less formal, and some language boards consider it even incorrect/tolerated.

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