what is the mean of the data set? Days on the market are shown for the 36 most recent home sales in the city of Sonando Hills.48 117 101106 14717651 129841401566935016815112311398 11357 2422 129 105207879109 1221511511947131137

Answered: what is the mean of the data set?

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

what is the mean of the data set?

Days on the market are shown for the 36 most recent home sales in the city of Sonando Hills.
48 117 101
106 147
176
51 129
84
140
15
66
93
50
168
151
123
113
98 113
57 24
22 129 105
20
78
79
109 122
151
151
19
47
131
137

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 + ...

Expert Solution

Step 1: Introduce the given information

Given data set is,

123, 98, 113, 106, 147, 48, 117, 101, 19, 113, 57, 24, 140, 176, 51, 129, 84, 47, 22, 129, 105, 15, 66, 93, 109, 122, 131, 20, 78, 79, 50, 168, 151, 151, 151, 137

Total number of data, n = 36

Using formula,

$M e a n equals fraction numerator S u m space o f space a l l space d a t a space p o i n t s over denominator N u m b e r space o f space d a t a space p o i n t s end fraction$