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Statistics For Business And Economics
Found in: Page 142
Statistics For Business And Economics

Statistics For Business And Economics

Book edition 13th
Author(s) James T. McClave, P. George Benson, Terry Sincich
Pages 888 pages
ISBN 9780134506593

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Short Answer

The amount spent on textbooks for the fall term was recorded for a sample of five university students. The following data were observed: $400, $350, $600, $525, and $450. Calculate each of the following values for this data:

a. The sample mean

b. The sample median

c. The sample range

d. The standard deviation

a. Mean = $465

b. Median = $450

c. Range = $250

d. Standard Deviation = $99.37

See the step by step solution

Step by Step Solution

Calculating the mean

x = 400, 350, 600, 525, 450

Mean = χn= 400+350+600+525+4505= 23255= $465

Therefore, the mean value of books is $465.

Computing the median

Arranging the data in ascending order,

350, 400, 450, 525, 600

As the sample size is odd, the central value is 450. Therefore, $450 is the median.

Finding the range

Maximum value = $600

Minimum value = $350

Range = Max Min = 600 350 = $250

Therefore, the range is $250.

Estimating the standard deviation

Variance = χ2n1= 4004652+3504652+6004652+5254652+450465251= 4225+13225+18225+3600+2254= 395004

= 9875

Standard Deviation = Variance=9875=99.37

Therefore, the standard deviation is $99.37.

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