Answered: Suppose that the following fiqures show…

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

Suppose that the following fiqures show the price of silver per ounce, in dollars, for a 10-business-day period

12.5,12.2,12.3,12.2,12,11.7,11.7,12.1,11.8

Find the sample mean, median, and mode

mean=

median=

mode=

What do your answers tell you about the price of silver?

Over the 10-business-day period samples, the price of averaged $ _____ per ounce. It was above $______ as many as it was below that price, and stood at $_____ per ounce more often than at any other price.

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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