Answered: Biaid works for an art dealer. She…

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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Question

Biaid works for an art dealer. She prepares a price comparison chart for her boss who is thinking oparading pain pinting by a famous artist at an auction. Birgid investigates the reserve and sale prices of comparable paintings by same artist that have sold at auction recently a) Determine the mean and median reserve and sale prices and the price ranges. b) Which measure should she use for estimating what the painting might sell for? Explain your choice.

by the same artist that have sold at auction recently.
Painting 1
Painting 2
Painting 3
Reserve (S)
23 000
28 000
33 000
Sale price (S)
28 000
34 000
78 000
a) Determine the mean and median reserve and sale prices a

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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