Answered: The statistics below describe the data…

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 statistics below describe the data collected by a business person who researched the amount of money 65 customers spent.

• μ= 27.52

• Median = 24.96

• σ = 6.34

• First Quartile = 18.34

• Third Quartile = 35.72

• n = 65

A sample of 10 receipts is taken. What is the best prediction for the number of these receipts that were less than $24.96?

25% of all receipts were more than how much money?

25% of all receipts were less than how much money?

What percent of all the receipts were between $18.34 and 35.72?

What is the population standard deviation?

How many standard deviations below the mean is the first quartile? Round your answer to three decimal places.

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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