Movies: Estimating Mean and Standard Deviation Consider the prices of regular movie tickets (not 3-D, and not discounted for children or seniors). The prices of movie tickets are $15, $20, $22. $24 and $25.

a. Estimate the mean price.

b. Use the range rule of thumb to make a rough estimate of the standard deviation of the prices.

Answer :

Step 1 of 1 :

a).

Consider the prices of regular movie tickets are

$15,$20,$22,$24,and $25

Now we have to estimate Mean and Standard Deviation

Find the mean (the average) of the data set:

=

Mean =

Mean =

Mean =

Mean = 21.2

The answers may vary but a mean around $8 or $9 is reasonable.

b).

A reasonable standard deviation would be around $1 or $2.

Calculate the deviation from the mean by subtracting each value from the mean.

Then the formula of the standard deviation is

SD=