How expensive is Maui? A newspaper gave the following costs in dollars per day for a random sample of condominiums located throughout the island of Maui. 87 50 66 60 355 55 500 71 40 350 60 50 240 45 45 125 235 65 60 130 (a) Compute the mean, median, and mode for the data. (Round your answers to two decimal places.) mean ? median? mode? (b) Compute a 5% trimmed mean for the data, and compare it with the mean computed in part (a). (Round your answer to two decimal places.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
How expensive is Maui? A newspaper gave the following costs in dollars per day for a random sample of condominiums located throughout the island of Maui.
| 87 | 50 | 66 | 60 | 355 | 55 | 500 | 71 | 40 | 350 |
| 60 | 50 | 240 | 45 | 45 | 125 | 235 | 65 | 60 | 130 |
(a) Compute the
mean ?
median?
mode?
(b) Compute a 5% trimmed mean for the data, and compare it with the mean computed in part (a). (Round your answer to two decimal places.)
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