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Expert-verified Found in: Page 142 ### Statistics For Business And Economics

Book edition 13th
Author(s) James T. McClave, P. George Benson, Terry Sincich
Pages 888 pages
ISBN 9780134506593 # 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 meanb. The sample medianc. The sample ranged. The standard deviation a. Mean =$465

b. Median = $450 c. Range =$250

## 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 $\begin{array}{c}\text{Range}=\text{Max}–\text{Min}\\ =\text{}600\text{}–\text{}350\\ =\text{}250\end{array}$ Therefore, the range is$250.

## Estimating the standard deviation

$\text{= 9875}$

$\begin{array}{c}\text{Standard Deviation =}\sqrt{\text{Variance}}\\ =\sqrt{9875}\\ =99.37\end{array}$

Therefore, the standard deviation is \$99.37. ### Want to see more solutions like these? 