Chapter 12.3, Problem 3P

To determine

To find: The range and mean of the given data sets.

Answer to Problem 3P

  $\begin{array}{l}\text{Stock C: Range}=6;\text{Mean}=4.2\\ \text{Stock D: Range}=22;\text{Mean}=11.2\end{array}$

Explanation of Solution

Given information:

Two data sets are given as below −

  $\begin{array}{l}\text{Stock C: 7,4,3,6,1}\\ \text{Stock D: 24,15,2,10,5}\end{array}$

Calculation:

Given data sets are −

  $\begin{array}{l}\text{Stock C: 7,4,3,6,1}\\ \text{Stock D: 24,15,2,10,5}\end{array}$

For $\text{Stock C: 7,4,3,6,1}$ :

Range of a data set is the difference between the greatest and least data value

  $\text{Range}=7-1=6$

  $\begin{array}{l}\text{Mean}=\frac{\text{Sum of data values}}{\text{Total number of data values}}\\ \Rightarrow \text{Mean}=\frac{7+4+3+6+1}{5}\\ \Rightarrow \text{Mean}=4.2\end{array}$

For $\text{Stock D: 24,15,2,10,5}$

Range of a data set is the difference between the greatest and least data value

  $\text{Range}=24-2=22$

  $\begin{array}{l}\text{Mean}=\frac{\text{Sum of data values}}{\text{Total number of data values}}\\ \Rightarrow \text{Mean}=\frac{24+15+2+10+5}{5}\\ \Rightarrow \text{Mean}=11.2\end{array}$

Hence, for the given two data sets −

  $\begin{array}{l}\text{Stock C: Range}=6;\text{Mean}=4.2\\ \text{Stock D: Range}=22;\text{Mean}=11.2\end{array}$