Which companies spend the most money on advertising Business Insider maintains a

Question

Which companies spend the most money on advertising Business Insider maintains a list of the top-spending companies. In 2014, Procter & Gamble spent more than any other company, a whopping $5 billion. In second place was Comcast, which spent $3.08 bilion (Business Insider website, December 2014). The top 12 companies and the amount each spent on advertising in billions of dollars are as follows. Click on the datafile logo to reference the data DATA file Advertising Sbillions $5.00 3.08 2.91 2.56 2.44 2.34 a. What is the mean amount spent on advertising? (to 2 decimals) Advertising (Sbillions) Company Procter &Gamble; Comcast AT&T; Ford Verizon L'Oreal Company American Express General Motors Toyota Fiat Chrysler Walt Disney Company J.P Morgan $2.19 2.15 2.09 1.97 1.96 1.88 2.55 b. What is the median amount spent on advertising? (to 3 decimals) c. What are the first and third quartiles? First Quartiles (to 1 decimals) Third Quartiles (to 4 decimals)

Explanation / Answer

We have 12 observations or 12 amounts spent on advertising. They are sorted in decreasing order. This will help us to calculate the median.

Since n = 12, n is even. Hence, median = average of 6th and 7th values = (0.5) * (2.19 + 2.34) = 2.265
Median divides the dataset into 2 halves.

First quartile = median of the last 6 observations = average of the 9th and 10th values = (0.5) * (2.09 + 1.97) = 2.0
Third quartile = median of the first 6 observations = average of the 3rd and 4th values = (0.5) * (2.91 + 2.56) = 2.7350

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