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.
Step 1 of 1 :
Consider the prices of regular movie tickets are
Now we have to estimate Mean and Standard Deviation
Find the mean (the average) of the data set:
Mean = 21.2
The answers may vary but a mean around $8 or $9 is reasonable.
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