Billionaires According to Forbes.com, the numbers of billionaires in the five states in the Midwest with the most billionaires are given in the table. a. Find and report the mean number of billionaires per state in context: The mean number of billionaires in these five state is __________.(report the number of the nearest tenth. b. Sketch a dotplot of the data, and mark the location of the mean. You can use a triangle under the axis (A, like a fulcrum) to mark the location; it should be at the balance point. c. Find and report the standard deviation of the number of billionaires per state in context; round to the nearest tenth. d. Which of the given numbers is farthest from the mean and therefore contributes most to the standard deviation?
Billionaires According to Forbes.com, the numbers of billionaires in the five states in the Midwest with the most billionaires are given in the table. a. Find and report the mean number of billionaires per state in context: The mean number of billionaires in these five state is __________.(report the number of the nearest tenth. b. Sketch a dotplot of the data, and mark the location of the mean. You can use a triangle under the axis (A, like a fulcrum) to mark the location; it should be at the balance point. c. Find and report the standard deviation of the number of billionaires per state in context; round to the nearest tenth. d. Which of the given numbers is farthest from the mean and therefore contributes most to the standard deviation?
Solution Summary: The author explains how to calculate the mean number of billionaires in the five states using MINITAB software.
Billionaires According to Forbes.com, the numbers of billionaires in the five states in the Midwest with the most billionaires are given in the table.
a. Find and report the mean number of billionaires per state in context:
The mean number of billionaires in these five state is __________.(report the number of the
nearest tenth.
b. Sketch a dotplot of the data, and mark the location of the mean. You
can use a triangle under the axis (A, like a fulcrum) to mark the location; it should be at the balance point.
c. Find and report the standard deviation of the number of billionaires per state in context; round
to the nearest tenth.
d. Which of the given numbers is farthest from the mean and therefore contributes most to the
standard deviation?
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 + ...
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.