a)
The
a)
Answer to Problem 5RE
Mean is 34.48 and median is 34.67.
Explanation of Solution
Given table:
May |
34.54 |
34.62 |
34.35 |
33.67 |
33.72 |
33.27 |
33.49 |
34.59 |
34.98 |
35 |
34.4 |
34.72 |
35 |
34.84 |
35.47 |
35.67 |
34.96 |
34.78 |
34.99 |
35.59 |
33.16 |
32.72 |
Formula:
Here n = 22 which is the count of prices.
Values of xi are price.
Calculation:
Mean = 34.48
To find the median, first need to sort given prices in ascending order:
May |
32.72 |
33.16 |
33.27 |
33.49 |
33.67 |
33.72 |
34.35 |
34.4 |
34.54 |
34.59 |
34.62 |
34.72 |
34.78 |
34.84 |
34.96 |
34.98 |
34.99 |
35 |
35 |
35.47 |
35.59 |
35.67 |
Here n =22 which is even number.
Formula of median for even number is,
b)
The mean and median of price in June.
b)
Answer to Problem 5RE
Mean is 34.05 and median is 34.12.
Explanation of Solution
Given table:
June |
34.9 |
35.03 |
34.88 |
35.02 |
34.27 |
34.15 |
34.61 |
34.85 |
35.08 |
34.87 |
34.08 |
33.85 |
33.53 |
33.03 |
32.69 |
32.66 |
32.99 |
33.31 |
33.75 |
33.49 |
Formula:
Here n = 20 which is the count of prices.
Values of
Calculation:
Mean = 34.05
To find the median, first need to sort given prices in ascending order:
June |
32.66 |
32.69 |
32.99 |
33.03 |
33.31 |
33.49 |
33.53 |
33.75 |
33.85 |
34.08 |
34.15 |
34.27 |
34.61 |
34.85 |
34.87 |
34.88 |
34.9 |
35.02 |
35.03 |
35.08 |
Here n = 20 which is even number.
Formula of median for even number is,
c)
To check the difference between the price of May and June.
c)
Answer to Problem 5RE
On an average the price of May and June are approximately same.
Explanation of Solution
Price of May:
Mean = 34.48 and median = 34.67
Price of June:
Mean = 34.05 and median = 34.12
When observing mean and median of both months, it seems they are close. There is not much difference between there mean as well as median. Hence, it can be said that both prices are approximately close.
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Chapter 3 Solutions
Elementary Statistics
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