A group of young businesswomen wish to open a high fashion boutique in a vacant

Question

A group of young businesswomen wish to open a high fashion boutique in a vacant store but only if the average income of households in the area is at least $25,000. A random sample of 9 households showed the following results. $28,000 $24,000 $26,000 $25,000 $23,000 $27,000 $26,000 $22,000 $24,000 Compute the sample mean a. b. Compute the variance c. Calculate the standard deviation. d. Compute the first quartile. e. Calculate the third quartile. f. What is the interquartile range? Use the above measurements of central location and dispersion to summarize income. g.

Explanation / Answer

SolutionA:

samplemean=sum/total

=28000+24000+26000+25000+23000+27000+26000+22000+24000/9

=225000/9

=25000

mean=25000

SOlutionb

variance=3750000

variance is computed as below

Solutionc:

std deviation=sqrt(3750000)

=1936.492

Solutiond:

Q1

arrange numbers in AO

22000 23000 24000 24000 25000 26000 26000 27000 28000

the bottom half is

22000 23000 24000 24000

the median of these numbers is 23500

Q1=23500

the firs quartile of the dataset is 23500

POST REST OF THE QUESTIONS SEPERATELY

X xbar x-xbar (x-xbar)^2 28000 25000 3000 9000000 24000 25000 -1000 1000000 26000 25000 1000 1000000 25000 25000 0 0 23000 25000 -2000 4000000 27000 25000 2000 4000000 26000 25000 1000 1000000 22000 25000 -3000 9000000 24000 25000 -1000 1000000 3750000 total 30000000 n-1=9-1=8 variance=(30000000/8) variance' 3750000

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