Introduction to Probability and Statistics
14th Edition
ISBN: 9781133103752
Author: Mendenhall, William
Publisher: Cengage Learning
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Chapter 2.2, Problem 2.12E
a.
To determine
To find: The average price for 14 sellers.
a.
Expert Solution
Answer to Problem 2.12E
The average price for 14 sellers is
Explanation of Solution
Given information: The data is shown below.
| Seller | Price($) | Seller | Price($) |
| Buy.com | 216.49 | Dell | 184.86 |
| Sears | 222.84 | Kmart | 222.84 |
| Sam's Club | 180.17 | EagleDirectUSA | 231.04 |
| Sales | 279.90 | Wii4family | 262.95 |
| Place Toys | 280.98 | Quickship | 299.48 |
| Simbaoo7 | 289.97 | Buy-it-now | 384.99 |
| Jandk42S | 433.00 | SW Evolution | 1024.24 |
Calculation:
The data is shown below.
| Seller | Price($) |
| Buy.com | 216.49 |
| Sears | 222.84 |
| Sam's Club | 180.17 |
| Sales | 279.90 |
| Place Toys | 280.98 |
| Simbaoo7 | 289.97 |
| Jandk42S | 433.00 |
| Dell | 184.86 |
| Kmart | 222.84 |
| EagleDirectUSA | 231.04 |
| Wii4family | 262.95 |
| Quickship | 299.48 |
| Buy-it-now | 384.99 |
| SW Evolution | 1024.24 |
| Total | 4513.75 |
The mean is,
Thus, the average price for 14 sellers is
b.
To determine
To find: The
b.
Expert Solution
Answer to Problem 2.12E
The median of the data is
Explanation of Solution
Given information: The data is shown below.
| Seller | Price($) | Seller | Price($) |
| Buy.com | 216.49 | Dell | 184.86 |
| Sears | 222.84 | Kmart | 222.84 |
| Sam's Club | 180.17 | EagleDirectUSA | 231.04 |
| Sales | 279.90 | Wii4family | 262.95 |
| Place Toys | 280.98 | Quickship | 299.48 |
| Simbaoo7 | 289.97 | Buy-it-now | 384.99 |
| Jandk42S | 433.00 | SW Evolution | 1024.24 |
Calculation:
The median is,
Thus, the median of the data is
c.
To determine
To find:Whether the customer is interested in average price if not the variable in which customer is interested.
c.
Expert Solution
Answer to Problem 2.12E
The customer is not interested in average price and the variable is
Explanation of Solution
Given information: The data is shown below.
| Seller | Price($) | Seller | Price($) |
| Buy.com | 216.49 | Dell | 184.86 |
| Sears | 222.84 | Kmart | 222.84 |
| Sam's Club | 180.17 | EagleDirectUSA | 231.04 |
| Sales | 279.90 | Wii4family | 262.95 |
| Place Toys | 280.98 | Quickship | 299.48 |
| Simbaoo7 | 289.97 | Buy-it-now | 384.99 |
| Jandk42S | 433.00 | SW Evolution | 1024.24 |
Since, the average can be misleading and the average provide the collected data of the all values while the mode provide the frequency of the value.
Thus, the customer is not interested in average price and the variable is mode.
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Students have asked these similar questions
Pam, Rob and Sam get a cake that is one-third chocolate, one-third vanilla, and one-third strawberry as shown below. They wish to fairly divide the cake using the lone chooser method. Pam likes strawberry twice as much as chocolate or vanilla. Rob only likes chocolate. Sam, the chooser, likes vanilla and strawberry twice as much as chocolate. In the first division, Pam cuts the strawberry piece off and lets Rob choose his favorite piece. Based on that, Rob chooses the chocolate and vanilla parts. Note: All cuts made to the cake shown below are vertical.Which is a second division that Rob would make of his share of the cake?
Three players (one divider and two choosers) are going to divide a cake fairly using the lone divider method. The divider cuts the cake into three slices (s1, s2, and s3).
If the choosers' declarations are Chooser 1: {s1 , s2} and Chooser 2: {s2 , s3}.
Using the lone-divider method, how many different fair divisions of this cake are possible?
Theorem 2.6 (The Minkowski inequality)
Let p≥1. Suppose that X and Y are random variables, such that E|X|P <∞ and
E|Y P <00. Then
X+YpX+Yp
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Introduction to Probability and Statistics
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