Concept explainers
a.
To find: The mean, median and mode of the selling prices.
a.
Explanation of Solution
Given:
The data set is:
Prices |
525000 |
375000 |
425000 |
550000 |
385000 |
500000 |
550000 |
425000 |
475000 |
500000 |
350000 |
450000 |
Formula used:
The formulas are:
Calculation:
The mean could be calculated as:
To compute the median, arrange the data in ascending order as:
Prices |
350000 |
375000 |
385000 |
425000 |
425000 |
450000 |
475000 |
500000 |
500000 |
525000 |
550000 |
550000 |
The median is:
Here, value of 4250000 is coming maximum number of times. The the mode is $ 4250000.
b.
To find: The measure of central tendency that best describes the data set.
b.
Answer to Problem 16E
Mean.
Explanation of Solution
In this case, quantitative data has been provided and mean is the measure of the central tendency that is used when the data is in quantitative. Thus, it could be said that the mean is measure of central tendency that best describes the data set of data set.
Chapter B Solutions
Precalculus with Limits: A Graphing Approach
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