Answered: In 1995, the median price of a PC was…

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

In 1995, the median price of a PC was $1200. Suppose that a random sample of
100 persons who bought their PCs during that year recorded the amount spent (by
each of them) on his/her PC. State the approximate sampling distribution of ˆp, the
proportion of persons who spent more than $1200 on a PC. Find the probability
that more than 60% of this group spent more than $1200.

NOTE: Please explain each part, so the problem can be used as a Study Guide

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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