Chapter_3_exercise_solution

# Chapter_3_exercise_solution - EXERCISE ANSWER SECTION...

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EXERCISE ANSWER SECTION CHAPTER 3 DESCRIBING DATA: NUMERICAL MEASURES Exercise 3.1 a . Mean: X X n = = + + + + + + = = Σ 8 5 4 10 8 3 4 7 42 7 6 b . Median = 5. Middle data value. 3, 4, 4, 5, 8, 8, 10 c . Mode = 4 and 8 Exercise 3.2 Geometric mean: 15 15 2850 1 ( 6 1) (1.1268776 1) 0.1268776 12.7% 475 GM = - = - = - = = Exercise 3.3 a. Range: ( 29 Range Highest Value Lowest Value \$595 \$295 \$300 = - = - = This indicates that there is a difference of \$300 between the largest and the smallest monthly rent. b . The mean deviation: Payment X | | X X - Absolute Deviations \$5,568 \$464 12 X X n Σ = = = 335 |–129 | = 129 373 | –91 | = 91 385 | –79 | = 79 410 | - 54 | = 54 410 | –54 | = 54 430 | –34 | = 34 \$886 \$74 12 X X MD n Σ - = = = 462 | –2 | = 2 500 | +36 | = 36 515 | +51 | = 51 535 | +71 | = 71 578 |+114 | = 114 635 |+171 | = 171 5,568 \$886 Exercise Answer Section 158

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The mean deviation of \$74 indicates that the typical monthly rent deviates \$74 from the mean of \$464. Exercise 3.4
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