Annual sales, in millions of dollars, for 21 pharmaceutical companies follow 8,1

Question

Annual sales, in millions of dollars, for 21 pharmaceutical companies follow 8,156 1,333 1,816 8,613 2,385 11,071 590 14,138 6,258 1,795 2,733 1,315 10,183 7,254 3,898 4,211 717 2,063 3,543 5,620 8,056 a. Provide a five-number summary Smallest value First quartle Medan Third quartile Largest value 590 14138 b. Compute the lower and upper limits. Lower limit Upper lmit c. Do the data contain any outliers? Select d. Johnson & Johnson's sales are the largest on the list at $14,138 million. Suppose a data entry error (a transposition) had been made and the sales had been entered as $41,138 million. Would the method of detecting outliers in part (c) identify this problem and allow for correction of the data entry error? Select

Explanation / Answer

Solution:-

a)

Minimum: 388
Quartile Q1: 1324
Median: 2733
Quartile Q3: 8106
Maximum: 14138

b) Lower limit = - 8849, Upper limit = 18279

IQR = Q3 - Q1

IQR = 8106 - 1324 = 6782

Lower limit = Q1 - 1.5 IQR

Upper limit = Q3 + 1.5 IQR

Lower limit = - 8849

Upper limit = 18279

c) No. data do not contain any outliers.

d) Yes, detecting outlier in part (c) will identify the outlier. and allow for correction of the data entry error.

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