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Consider the data that was obtained from a random sample of 51 credit card accounts. Identify all the averages (mean, median, or mode) that can be used to summarize the outstanding balance on each account. only mode if it exists O only mean if it exists mean, median, and mode if it exists only mode and median if it exists O only mean and median if it exists

Consider the data that was obtained from a random sample of 51 credit card accounts. Identify all the averages (mean, median, or mode) that can be used to summarize the outstanding balance on each account. only mode if it exists O only mean if it exists mean, median, and mode if it exists only mode and median if it exists O only mean and median if it exists

MATLAB: An Introduction with Applications
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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### Educational Content #### Identifying Averages in a Sample Data Set **Problem Statement:** Consider the data that was obtained from a random sample of 51 credit card accounts. Identify all the averages (mean, median, or mode) that can be used to summarize the outstanding balance on each account. **Multiple Choice Options:** 1. ⃝ only mode if it exists 2. ⃝ only mean if it exists 3. ⃝ mean, median, and mode if it exists 4. ⃝ only mode and median if it exists 5. ⃝ only mean and median if it exists --- **Explanation of Key Terms:** - **Mean**: The arithmetic average of a dataset, calculated by adding all the numbers and dividing by the count of numbers. - **Median**: The middle value of a dataset when organized in ascending or descending order. If there are an even number of observations, the median is the average of the two middle numbers. - **Mode**: The value that appears most frequently in a dataset. A dataset can have more than one mode if multiple values appear with the same highest frequency, or it may have no mode at all if all values are unique. --- **Details for Visual Learners:** Although no graphs or diagrams are provided in this image, consider the following visualization techniques to better understand these concepts: 1. **Histogram or Bar Graph**: Representing the frequency of outstanding balances helps in identifying the mode visually. 2. **Box Plot**: This graphical representation helps in visualizing the median and the spread of the data (including quartiles). 3. **Scatter Plot**: A scatter plot might help in understanding the distribution and central tendency of the data points, aiding in the comprehension of the mean. Understanding these averages helps in summarizing and giving insights into the data to make informed decisions based on the patterns and tendencies observed within the dataset. Cheat-sheet to remember the formulas: - Mean = (ΣX) / N - Median: Arrange data in order, then find the middle value. - Mode: Identify the value that appears most frequently.
Transcribed Image Text:### Educational Content #### Identifying Averages in a Sample Data Set **Problem Statement:** Consider the data that was obtained from a random sample of 51 credit card accounts. Identify all the averages (mean, median, or mode) that can be used to summarize the outstanding balance on each account. **Multiple Choice Options:** 1. ⃝ only mode if it exists 2. ⃝ only mean if it exists 3. ⃝ mean, median, and mode if it exists 4. ⃝ only mode and median if it exists 5. ⃝ only mean and median if it exists --- **Explanation of Key Terms:** - **Mean**: The arithmetic average of a dataset, calculated by adding all the numbers and dividing by the count of numbers. - **Median**: The middle value of a dataset when organized in ascending or descending order. If there are an even number of observations, the median is the average of the two middle numbers. - **Mode**: The value that appears most frequently in a dataset. A dataset can have more than one mode if multiple values appear with the same highest frequency, or it may have no mode at all if all values are unique. --- **Details for Visual Learners:** Although no graphs or diagrams are provided in this image, consider the following visualization techniques to better understand these concepts: 1. **Histogram or Bar Graph**: Representing the frequency of outstanding balances helps in identifying the mode visually. 2. **Box Plot**: This graphical representation helps in visualizing the median and the spread of the data (including quartiles). 3. **Scatter Plot**: A scatter plot might help in understanding the distribution and central tendency of the data points, aiding in the comprehension of the mean. Understanding these averages helps in summarizing and giving insights into the data to make informed decisions based on the patterns and tendencies observed within the dataset. Cheat-sheet to remember the formulas: - Mean = (ΣX) / N - Median: Arrange data in order, then find the middle value. - Mode: Identify the value that appears most frequently.
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