6.Mean () =$60,010. This is the center of the data set insofar as it represents the balance for the data. The ordered list is: 55,430 57,118 60,055 60,451 60,946 63,011 63,057 The median is the middle value—here, 60,451 (the value in position = 4 in the ordered list, 60,451. At least half the values were $60,451 or more; at least half the scores were $60,451 or less. There is no mode. 7. This suggests that are a relatively few very high volume texters, pulling the average well to the right of (that is, above) the median. The mean is generally more sensitive to extreme values than is the median. 8. 22 2 = 20 – The difference between the largest value and the smallest value Interpretation: is 20. MAD: Given that the mean of the data is 9, MAD = = 5.33 ≈ The average difference between the individual values and the Interpretation: overall average for the data is 5.33. = Variance: 2 = ≈43.667 Standard Deviation: = 6.61  ≈ Roughly speaking, the individual values are, on average, about Interpretation: 6.61 units away from the overall mean for the data. As is typically the case, the standard deviation here, 6.61, is greater than the MAD, 5.33. 9. Range: 116 111 = 5 yen – The difference between the highest exchange rate and the Interpretation: lowest exchange rate was 5 yen.
6.Mean () =$60,010. This is the center of the data set insofar as it represents the balance for the data. The ordered list is: 55,430 57,118 60,055 60,451 60,946 63,011 63,057 The median is the middle value—here, 60,451 (the value in position = 4 in the ordered list, 60,451. At least half the values were $60,451 or more; at least half the scores were $60,451 or less. There is no mode. 7. This suggests that are a relatively few very high volume texters, pulling the average well to the right of (that is, above) the median. The mean is generally more sensitive to extreme values than is the median. 8. 22 – 2 = 20 Interpretation: The difference between the largest value and the smallest value is 20. MAD: Given that the mean of the data is 9, MAD = = ≈ 5.33 Interpretation: The average difference between the individual values and the overall average for the data is 5.33. Variance: 2 = = ≈43.667 Standard Deviation:  = ≈ 6.61 Interpretation: Roughly speaking, the individual values are, on average, about 6.61 units away from the overall mean for the data. As is typically the case, the standard deviation here, 6.61, is greater than the MAD, 5.33. 9. Range: 116 – 111 = 5 yen Interpretation: The difference between the highest exchange rate and the lowest exchange rate was 5 yen.
Solution-Manual-Understanding-Business-Statistics-1st-Edition-Freed.docx