3. Etsy Store Inventory. Etsy is an e-commerce website focused on handmade or vi

Question

3. Etsy Store Inventory. Etsy is an e-commerce website focused on handmade or vintage items and supplies, as well as unique factory-manufactured items. A shop owner on Etsy sells printed t-shirts and she wants to know what level of inventory she should maintain for the month of January. She gathers the January inventories of 8 other shop owners who sell printed t-shirts on Etsy. Their t-shirt inventories are listed below. Use these data to answer the following questions 59 84 90 54 4245 7785 (a) Calculate the mean inventory of the Etsy shop owners. (b) Calculate the median inventory value for the Etsy shop owners.

Explanation / Answer

We have given data observations.

By arranging the observations in to increasing order we get-

42 45 54 59 77 84 85 90

a) From the above data we get mean = 536 / 8 = 67

b) median = ( 59 + 77 ) / 2 = 68

Here median > mean

Therefore by condition of skewness, the shape of the distribution is Left skewed.

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