Part I Ten economists were asked to predict the percentage growth in the Consumer Price over the next year. Their forecasts were as follows: 3.6 3.1 3.9 3.7 3.5 3.7 3.4 3.0 3.7 3.4 a) Calculate the mean, the median and the mode. b) Briefly describe what each statistics tell you.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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Chapter4: Equations Of Linear Functions
Section4.5: Correlation And Causation
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Part 1
Ten economists were asked to predict the percentage growth in the Consumer Price Index
over the next year. Their forecasts were as follows:
3.6
3.1 3.9 3.7 3.5 3.7
3.4
3.0
3.7 3.4
a) Calculate the mean, the median and the mode.
b) Briefly describe what each statistics tell you.
c) What are the limitations of mean, median and mode?
Transcribed Image Text:Part 1 Ten economists were asked to predict the percentage growth in the Consumer Price Index over the next year. Their forecasts were as follows: 3.6 3.1 3.9 3.7 3.5 3.7 3.4 3.0 3.7 3.4 a) Calculate the mean, the median and the mode. b) Briefly describe what each statistics tell you. c) What are the limitations of mean, median and mode?
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