Solution Found!
Answer: The May 1, 2009 issue of The Montclarian reported
Chapter 1, Problem 33E(choose chapter or problem)
Problem 33E
The May 1, 2009 issue of The Montclarian reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1000s of $):
a. Calculate and interpret the sample mean and median.
b. Suppose the 6th observation had been 985 rather than 1285. How would the mean and median change?
c. Calculate a 20% trimmed mean by first trimming the two smallest and two largest observations.
d. Calculate a 15% trimmed mean.
Questions & Answers
QUESTION:
Problem 33E
The May 1, 2009 issue of The Montclarian reported the following home sale amounts for a sample of homes in Alameda, CA that were sold the previous month (1000s of $):
a. Calculate and interpret the sample mean and median.
b. Suppose the 6th observation had been 985 rather than 1285. How would the mean and median change?
c. Calculate a 20% trimmed mean by first trimming the two smallest and two largest observations.
d. Calculate a 15% trimmed mean.
ANSWER:
Answer
Step 1 of 4
a) Mean=/n=(590+815+575+608+350+1285+408+540+555+679)/10=6405/10=640.5
Arrange the given values in the ascending order
350, 408, 540, 555, 575, 590,608, 679, 815, 1285
Median=()th value
=()th value
=5.5th value
=(575+590)/2
=582.5