**Understanding Textbook Costs: A Statistical Analysis**In this example, an instructor from the school of business surveyed students in an introductory business class to determine how much they spend per semester on textbooks. Below is the data collected, representing the distribution of textbook costs in dollars per student:**Textbook Costs per Student per Semester (in dollars)**65, 147, 171, 142, 153, 187, 195, 106, 127, 178, 178, 205, 175, 178, 133, 186To analyze this data, we aim to:a) **Determine the 5-number summary for the textbook spending data.**b) **Construct a Box-and-Whisker Plot.**c) **Describe the shape of the Box-and-Whisker Plot.**d) **Calculate the interquartile range (IQR).**e) **Determine if there are any outliers, including potential outliers, within the data set. If there is an outlier, state its value(s).**f) **Find the z-score of any outlier(s) and interpret their relative position in terms of standard deviations.**g) **Explain what effect an outlier, if any exists, has on the mean and median textbook cost.**Through this analysis, we will gain insights into the overall cost distribution, identify any unusual spending patterns, and understand how outliers might affect the average costs. This exercise provides practical experience in statistical analysis and enhances decision-making skills relevant to financial planning and budgeting in an academic setting.

65,147,171,142,153,187,195,106,127,178,178,205,175,178,133,186Note:- According to the Bartleby…

Answered: 202. An instructor from the school of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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