Answered: A sample survey, connected with the…

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter2: Working With Real Numbers

Section: Chapter Questions

Problem 13MS

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Question

A sample survey, connected with the companies monthly advertisement costs was conducted. It involved 15 companies, selected through random selection. Their monthly advertisement costs are shown in the table below You have to: Characterise the centre of distribution by mean, mode and median. Measure dispersion by standard deviation and coefficient of variation. Establish the form of distribution by asymmetry and excess coefficients. In the case of a guarantee probability of 95% to estimate the average monthly advertising income in the bulk.

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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