Elementary Statistics: A Step By Step Approach

10th Edition

ISBN: 9781259755330

Author: Allan G. Bluman

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 3.1, Problem 18E

Net Worth of Corporations These data represent the net worth (in millions of dollars) of 45 national corporations. Find the mean and modal class for the data.

Class limits	Frequency
10–20	2
21–31	8
32–42	15
43–53	7
54–64	10
65–75	3

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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Chapter 3.1, Problem 17E

Chapter 3.1, Problem 19E

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Chapter 3 Solutions

Elementary Statistics: A Step By Step Approach

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Net Worth of Corporations These data represent the net worth (in millions of dollars) of 45 national corporations. Find the mean and modal class for the data. Class limits Frequency 10–20 2 21–31 8 32–42 15 43–53 7 54–64 10 65–75 3

Solution Summary: The author explains how to determine the mean and modal class of the net worth of corporations.

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