Given the data below (average cost of books at 13 universities), find the mean, median, mode, and range. 225, 305, 350, 250, 275, 300, 225, 400, 250, 225, 310, 330, 425
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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![**Data Analysis: Mean, Median, Mode, and Range**
Given the data below (average cost of books at 13 universities), calculate the mean, median, mode, and range:
- Average Costs: 225, 305, 350, 250, 275, 300, 225, 400, 250, 225, 310, 330, 425
**Calculations:**
1. **Mean:**
- The mean is the average of all the numbers.
- Add all the numbers together, then divide by the number of data points.
- Calculation:
\[
\frac{225 + 305 + 350 + 250 + 275 + 300 + 225 + 400 + 250 + 225 + 310 + 330 + 425}{13} = \frac{3870}{13} \approx 297.69
\]
- Mean: 297.69
2. **Median:**
- The median is the middle number in a sorted list of numbers.
- First, arrange the numbers in ascending order:
\[
225, 225, 225, 250, 250, 275, 300, 305, 310, 330, 350, 400, 425
\]
- Since there are 13 data points, the median is the 7th number.
- Median: 300
3. **Mode:**
- The mode is the number that appears most frequently in the data set.
- In this dataset, the number 225 appears three times.
- Mode: 225
4. **Range:**
- The range is the difference between the largest and smallest numbers.
- Calculation:
\[
425 - 225 = 200
\]
- Range: 200](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa35d32dc-632b-40fd-aa41-e2c0040899b1%2Fecb5d989-ca30-4445-806e-41b0fa763358%2Fov7zfk_processed.png&w=3840&q=75)
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