b. Is your expectation about the median and mean from question 6d true? Which me

Question

b. Is your expectation about the median and mean from question 6d true? Which measure of center (mean or median) and which measure of spread (standard deviation or IQR) are more appropriate to use to describe this data? Why did you choose these? c. Use your results from above to complete these statements: a. About 75% of students spent less than _?_ on textbooks. b. The middle 50% of textbook costs range between_?_ and _?_ c. Based on this data, you would expect that about 25% of the time a customer will spend more than _?_ on textbooks. d. What is the least and most amounts a student could spend and not be an outlier? To answer this question, calculate the lower and upper fence value of the 1.5IQR Test.

Explanation / Answer

a) About 75% of students spent less than $400 on textbooks

b) The middele 50% of testbook costs range between $284.75 and $400.

c) Base on this data, you would expect that about 25% of the time a costomer will spend more than $284.75 on textbooks

d) IQR = Q3 - Q1 = 400 - 284.75 = 115.25

Q1 - 1.5IQR = 284.75 - 1.5*115.25 = 111.875

Q3 + 1.5IQR = 400 + 1.5*115.25 = 572.875

Hence the lower and upper fence are $111.875 and $572.875 respectively.

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