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    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 Preview

    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 ...

    Solution Summary

    Solution describes the steps for finding mean, median and modal selling prices.