Pad kulms,korea.ac.kr 2. Business Week recently reported that L. G. Philips LCD

Question

Pad kulms,korea.ac.kr 2. Business Week recently reported that L. G. Philips LCD Co. would complete a new factory in Paju, South Korea. It will be the world's largest maker of liquid-crystal display panels. The arrival of the plant means that flat-panel LCD television would become increasingly affordable. The average retail cost of a 20" LCD television in 2000 was $5,139. To obtain what the average retail cost of a 37" LCD was in 2008, a survey yielded the following data (in SU.S.): 558.12 533.70 464.37 606.70 625.82 511.15 400.56 531.64 632.14 538.20 567.46 474.86 528.78 610.32 588.39 912.68 564.71 475.87 545.25 589.15 a. Calculate the mean cost for these data. (2pts) b. Examine the data presented. Choose an appropriate measure of the center of the data, justify 24%

Explanation / Answer

Using Minitab:

Descriptive Statistics: Cost Of LCD

Variable N Mean Median
Cost Of LCD 20 563.0 552.0

We have choosen the Median as measure because median of the data is not affected by exterme values whereas the mean is affected by extereme values.

C)We need to find out the outliers (most and least influence points in data) with respect to mean. We will check affect on mean and median after removing most and.least influence points in data

We exclude data points 400.46 and 912.68 so we get mean is 544.58

Descriptive Statistics: C1

Variable N Mean Median
C1 19 571.6 558.1

Here we can see that these values affect the mean. which is 563. Since median is not influenced by extreme data points, it is correct measure of the centre of the data.

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