Question

How expensive is Maui? A newspaper gave the following costs in dollars per day for a random sample of condominiums located throughout the island of Maui.

87	50	70	60	355	55	500	71	41	350
60	50	240	45	45	125	235	65	60	120

(a) Compute the mean, median, and mode for the data. (Round your answers to two decimal places.)

mean	$?
median	$?
mode	$?

2.) Compute a 5% trimmed mean for the data, and compare it with the mean computed in part (a). (Round your answer to two decimal places.)
Does the trimmed mean more accurately reflect the general level of the daily rental costs?

a.Yes, the trimmed mean is closer to the median and mode.

b. Yes, the trimmed mean is further from the median and mode.     

c.No, the trimmed mean is further from the median and mode.

d. No, the trimmed mean is closer to the median and mode.

3) If you were a travel agent and a client asked about the daily cost of renting a condominium on Maui, what average would you use? Explain.

a.mean

b.median

c. mode

4.) Is there any other information about the costs that you think might be useful, such as the spread of the costs?

a.The prices of condominiums in California would also be useful.

b.No other information about condominium costs would be useful.

c.The lowest and highest prices of the condominiums would also be useful.

d.The average price of a condominium in 1980 would also be useful.

Answer 1

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