The point estimate of the mean monthly rental charge is,
a
1,346.74
b
1,294.94
c
1,245.14
d
1,197.25
Transcribed Image Text:John, a statistics student, collected a random sample of monthly rental charges for two-bedroom
apartments in Marion and surrounding counties. The following show the data John obtained in
his random sample.
1700
1190
1135
1190
1540
1070
1055
1115
1340
1490
1100
1150
865
965
1270
1415
1225
1200
1350
1135
1330
1130
1245
1275
1280
1445
1225
1095
1385
1390
1220
665
1210
1420
1500
1365
1075
1090
1105
1270
1295
1375
1670
1085
1085
1180
1245
1270
1305
1230
1345
880
1270
1190
1485
1340
935
1280
1465
1385
1295
980
1200
1560
1010
1545
1295
1625
900
1265
1085
1355
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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