In Exercises, find the (a)mean, (b) median, (c) mode, and (d) midrange for the given sample data. Express answers with the appropriate units of measurement. Then answer the given questions.
Ghost Prices Listed below are the prices listed for Norton Ghost 14.0 software from these vendors: Newegg, Dell, Buycheapsoftware.com, PC Connection, Walmart, and Overstock.com. For this collection of data values, are any of the measures of center the most important statistic? Is there a different statistic that is most relevant here? If so, which one?
Step 1 of 1 :
Ghost Prices Listed below are the prices listed for Norton Ghost 14.0 software from these vendors: Newegg, Dell, Buycheapsoftware.com, PC Connection, Walmart, and overstock.com
$55.99 , $69.99 , $48.95 , $48.92 , $71.77 , $59.68
Now we have to find the (a)mean, (b) median, (c) mode, and
(d) midrange for the given sample data.
Mean is calculated by adding up all the number and dividing that sum by the total number of numbers.
The formula for Mean is
∑, represents the summation
X, represents Ghost Price
N, represents total number of Ghost Price.
Mean = 59.216
Mean $ 59.22
Therefore Mean = $59.22
Median is the middle value in the list of numbers. To calculate the Median value, the list should be arranged in the ascending order first.
48.92 , 48.95 , 55.99 , 59.68 , 69.9 , 71.77
The median is
Median = $57.84
It is the most frequently occurring value.
There is no mode.
Another measure of center that is not as popular as the mode, mean and median is called the midrange.
The midrange is the mean of the maximum and minimum values of the data set.
The data set 48.92 , 48.95 , 55.99 , 59.68 , 69.9 , 71.77 has maximum 71.77 and minimum 48.92.
So the midrange =
Mid Range = $60.36.
None of the measures of center are most important here.
The most relevant statistic in this case is the minimum value of $48.92, because that is the lowest price for the software. Here, we generally care about the lowest price not the mean price or median price.