In: Accounting
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, $1.99
Mean:
Mean is the statistical average of a series of data.
Mean = ∑X/N
∑X = Summation of given data
N = Number of data
Mean = ($ 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