Question
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TV Prices Listed below are selling prices in dollars of TVs that are 60 inches or larger and rated as a “best buy” by Consumer Reports magazine. Are the measures of variation likely to be typical for all TVs that are 60 inches or larger?

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Step 1

Measures of variation:

The measures of variation are range, variance, and standard deviation

Range:

Range is the distance between the maximum and minimum values.

Substitute 1800 for “Maximum value” and 950 for “Minimum value” in range formula as shown below:

Step 2

Variance:

The variance of the selling prices in dollars of TVs that are 60 inches or larger is 61,117.4 dollars2.

Step 3

Standard deviation:

The standard deviation is the data values that differ from the mean.

The standard de...

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