Answered: On October 16,2017, Bloomberg News…

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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1 On October 16,2017, Bloomberg News reported on the Supreme Court's decision to take a case on American Express credit card fees. There you could read that" [Merchants pay] $50 billion in fees to credit-card companies each year. Those fees come from the "the 'astronomical number" of credit-card transactions each year - 22 billion totaling more than $2 trillion in 2011. [R270] In June of 2018 the Court sided with American Express, ruling that the company could demand that merchants not ask customers to use a different credit card. (R271] (a) Does the figure "22 billion transactions per year" make sense? (b) What is the average dollar value of a credit card transaction? Does your answer seem reasonable? (c) The average you computed in the previous question is the mean. Would you expect the mean and mode to be smaller or larger? Why? (d) What is the average percentage fee charged merchants for credit card transactions?

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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