The data are the prices of several digital cameras at a store.$130, $170, $230, $130, $250, $275, $130, $185$130, $170, $230, $130, $250, $275, $130, $185a. Does the price shown in the advertisement represent the prices well? Explain.no; The price shown in the ad is not the highest price.no; The price shown in the ad is the mode, but it is the lowest price. Most cameras cost more.yes; The price shown in the ad occurs most often, so it best represents the camera prices. b. Why might the store use this advertisement? The store might want to only sell the $130 cameras.By advertising the lowest price, they are likely to draw more customers to the store.The store is likely out of the higher-priced cameras. yes; The price shown in the ad is the mean, so it best represents the camera prices.c. In this situation, why might a person want to know the mean, the median, and the mode? Explain. Knowing all the measures can help you know all the different model prices. Knowing all the measures can help you know how many cameras the store has on sale. Knowing all the measures can help you know whether the store has many models in your price range. Knowing all the measures can help you know which is the cheapest camera at the store. ON SALENOW!NOW ONLY$13010

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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

The data are the prices of several digital cameras at a store.

$130, $170, $230, $130, $250, $275, $130, $185$130, $170, $230, $130, $250, $275, $130, $185

a. Does the price shown in the advertisement represent the prices well? Explain.

no; The price shown in the ad is not the highest price.
no; The price shown in the ad is the mode, but it is the lowest price. Most cameras cost more.
yes; The price shown in the ad occurs most often, so it best represents the camera prices.
b. Why might the store use this advertisement?
The store might want to only sell the $130 cameras.

By advertising the lowest price, they are likely to draw more customers to the store.

The store is likely out of the higher-priced cameras.

yes; The price shown in the ad is the mean, so it best represents the camera prices.
c. In this situation, why might a person want to know the mean, the median, and the mode? Explain.
Knowing all the measures can help you know all the different model prices.

Knowing all the measures can help you know how many cameras the store has on sale.

Knowing all the measures can help you know whether the store has many models in your price range.

Knowing all the measures can help you know which is the cheapest camera at the store.

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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