Question

In: Accounting

calculate the mean, median, and mode of the following data set. the scheuren family drove through...

calculate the mean, median, and mode of the following data set. the scheuren family drove through 7 midwestern states on their summer vacation. gasoline prices varied from state to state. $1.89, $1.71, $1.26, $2.08, $2.08, $1.29, $1.71, $1.99

Solutions

Expert Solution

Mean:

Mean is the statistical average of a series of data.

Mean = ∑X/N

∑X = Summation of given data

N = Number of data

Mean = ($ 1.89 + $ 1.71 + $ 1.26 +$ 2.08 + $ 2.08 + $ 1.29 + $ 1.71 + $ 1.99)/8

= $ 14.01/8 = $ 1.75125

Median:

The median is the middle number in a data series, arranged either in ascending or descending order.

For an even no. of data series Median = [(n/2)th term + (n/2 + 1)th term]/2

n = No. of data in the series = 8

On rearranging data in ascending order, we get:

$ 1.26, $ 1.29, $ 1.71, $ 1.71, $ 1.89, $ 1.99, $ 2.08, $ 2.08

Median = [(8/2) th term + (8/2 + 1) th term]/2

           = [4th term + (4 + 1) th term]/2

           = [4th term + 5th term]/2

           = ($ 1.71 + $ 1.89)/2

           = $ 3.60/2 = $ 1.80

Mode:

Mode is the most frequently occurring value in a series.

$ 1.71 and $ 2.08 both are repeated two times. So

Mode = $ 1.71, $ 2.08


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