Solve the following word problems for the unknown. Round decimals to hundredths and p ercents to the nearest tenth when necessary. Michael Reeves, an ice cream vendor, pays $17.50 for a five-gallon container of premium ice cream. From this quantity, he sells 80 scoops at $0.90 per scoop. If he sold smaller scoops, he could sell 98 scoops from the same container; however, he could charge only $0.80 per scoop. As his accountant, you are asked the following questions. a. If Michael switches to the smaller scoops, by how much will his profit per container go up or down? (Profit 5 Sales 2 Expenses)b. By what percent will the profit change? Round to the nearest tenth of a percent.
Statistics: Chapter 3.1 1. Mean: average of a set of numbers a. (sum of all data values) / (number of values) b. Mean = (Σx) / (n) i. Let x be a quantitative variable with n measured data value from a population of n. c. Example: i. 10, 15, 20, 25….625 ii. (n+1) / 2 iii. “n” : position of the middle number (n odd) between the position of the two middle numbers ( n even ) iv. Mean: 1. Sample Mean = x = Σx / n (statistic) 2. Population Mean = μ = Σx / n (parameter) 2. Median: Middle data value (the central value of an order distribution) a. Median = (sum of the values / 2) b. Example: i. 10, 14, 20, 8, 10, 16, 30, 12 ii. Put these numbers in order iii. 8, 10, 10, 12, 14, 16, 20, 30 iv. Median = (12 + 14) / 2 = 13 3. Mode: Most frequent data value (data value with highest frequency) a. Example: AAA BBB CC i. Since both A and B occur most equally, there is no mode of the data 4. Detecing Skewness a. Symmetirical Distribution = mean ≈ median ≈ mode b. Left Skewed = mean < median < mode c. Right Skewed = mode < median < mean 5. Trimmed Mean a. 1, [1, 1, 1, 2, 2, 2, 3, 3, 3, 8, 9, 25, 26, 26, 26, 30, 50,] 100 b. n = 20