Question

Which companies spend the most money on advertising? Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 billion (Business Insider website, December 2014). The top 12 companies and the other company, a amount each spent on advertising in billions of dollars are as follows
Company Advertising Company Advertising
Protect and gamble 5.00 American Express 2.19
Comcast 3.08 Genaral motors 2.15
at&T 2.91 Toyota 2.09
Ford 2.56 Fiat chrysler 1.97
Verizon 2.44 Walt Disney Company 1.96
Loreal 2.34 J.P Morgan 1.88
a. What is the mean amount spent on advertising? (to 2 decimals)
b. What is the median amount spent on advertising? (to 3 decimals)
c. What are the first and third quartiles? First Quartiles (to 1 decimals) Third Quartiles (to 4 decimals)

Answer 1

Answer:

a. What is the mean amount spent on advertising?

• $2.55 billion

b. What is the median amount spent on advertising?

• $2.265 billion

c. What are the first and third quartiles?

• first quartile = $2.04 billion
• third quartile = $ 3.055 billion

Explanation:

Company    Advertising expense (in $ billion)

Procter and Gamble 5.00

American Express 2.19

Comcast 3.08

General Motors 2.15

AT&T 2.91

Toyota 2.09

Ford 2.56

Fiat Chrysler 1.97

Verizon 2.44

Walt Disney Company 1.96

Loreal 2.34

J.P. Morgan 1.88

total $30.57 billion

mean $2.55  billion

median is between $2.19 and $2.34 ⇒( $2.19 + $2.34) / 2 = $2.265

first quartile = ($1.88  + $1.96 + $1.97 + $2.09 + $2.15 + $2.19) / 6 =  $12.24 / 6 = $2.04

third quartile = ($2.34  + $2.44  + $2.56  + $2.91 + $3.08  + $5) / 6 = $18.33 / 6 = $3.055