Answer:
a) Mean = $1,595.83
b) Median = $1,675
c) Mode = $1,950
d) Midrange = $1,475
e)
- No, the resulting statistics are not representative of the population of all TVs that are 60 inches and larger because it is given that the dataset provided is for the selling prices of TVs that are 60 inches or larger and rated as a "best buy" by a popular magazine, hence, this dataset is representative of the best type of TVs that are 60 inches and larger and not all TV sets.
- The statistic that is most relevant other than the measures of central tendency is the standard deviation, a measure of dispersion It shows the variation of the selling prices of different best TVs that are 60 inches and larger, especially their variations from the mean.
Step-by-step explanation:
The data set for selling prices of TVs that are 60 inches or larger and rated as a "best buy" by a popular magazine.
1850 1950 1600 1950 1650 1000 1950 1400 1000 1700 1950 1150
a) Mean
The mean is the sum of all the variables in the distribution divided by the number of variables.
Mean = (Σx)/N = (1850+1950+1600+1950+1650+1000+1950+1400+1000+1700+1950+1150)/12
= (19,150/12) = $1,595.83
b) Median
The median is the variable that falls at the middle of the distribution when all the variables are arranged in ascending or descending order.
Arranging this dataset
1000, 1000, 1150, 1400, 1600, 1650, 1700, 1850, 1950, 1950, 1950, 1950
The numbers in the middle of this distribution include the sixth and seventh variables respectively, 1650 and 1700
Median = (1650+1700)/2 = $1,675
c) Mode
The mode is the variable with the highest frequency in the distribution. It is the variable that occurs the most in the distribution.
Evidently, the selling price with the highest frequency or the selling price that occurs the most in this distribution = $1950
d) Midrange
The midrange is given mathematically as
Midrange = [(Highest variable) + (lowest variable)] ÷ 2
Highest variable = 1950
Lowest variable = 1000
Midrange = (1950+1000)/2 = $1475
e)
- No, the resulting statistics are not representative of the population of all TVs that are 60 inches and larger because it is given that the dataset provided is for the selling prices of TVs that are 60 inches or larger and rated as a "best buy" by a popular magazine, hence, this dataset is representative of the best type of TVs that are 60 inches and larger and not all TV sets.
- The statistic that is most relevant other than the measures of central tendency is the standard deviation, a measure of dispersion It shows the variation of the selling prices of different best TVs that are 60 inches and larger, especially their variations from the mean.
Hope this Helps!!!
