Finding Mean, Median and Modal Prices
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The American Automobile Association checks the prices of gasoline before many holiday
weekends. Listed below are the self-service prices for a sample of 15 retail outlets during
the May 2003 Memorial Day weekend in the Detroit, Michigan, area.
1.44 1.42 1.35 1.39 1.49 1.49 1.41 1.46
1.41 1.49 1.45 1.48 1.39 1.46 1.44
a. What is the arithmetic mean selling price?
b. What is the median selling price?
c. What is the modal selling price?
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Solution Summary
Solution describes the steps for finding mean, median and modal selling prices.
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1) Arithmetic mean=sum of observations/no. of observations=21.57/15=1.438
Arithmetic selling price is 1.438
2) First arrange data in ...
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- BEng (Hons) , Birla Institute of Technology and Science, India
- MSc (Hons) , Birla Institute of Technology and Science, India
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