# Essay on Statistics

10495, 15886, 10900, 19500, 9950, 13000, 15900,16000, 14800, 13500

a. Determine the average price

The average price (Mean) =(10495+15886+10900+19500+9950+13000+15900+16000+14800+13500)/10

Mean = 139931/10 = 13993.1

The average price = 13993.1

b. Determine the median car price

9950 ,10495 , 10900 , 13000 , 13500 ,14800 ,15886 ,15900 ,16000, 19500

Median = (13500+14800) /2 =14150

2.An auctioneer sold 500 lots of restaurant equipment as follows

# of lots

200

150

60

50

40

500

price per lotweighted price

20

4000

22

3300

28

1680

30

1500

50

2000

150

12480 Total

Compute the average price per lot

12480 / 500 =25

Do not round to closest dollar

The

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21

26

21

26

13

28

13

28

12

28

a. Determine the mean and median

5,8,11,12,13,13,21,21,26,26,28,28,28,28,30,30

Total

$1,300

16

The Mean = (5+8+11+12+13+13+21+21+26+26+28+28+28+28+30+30)/ 16 = 20.5

$4,850

The Median = (21+26) /2 = 23.5

$303.13

b .Estimate the value of the mode using the values obtained in a – and employing the formula:

MEAN − MODE = 3(MEAN – MEDIAN)

20.5-Mode =3 ( 20.5 - 23.5)

The Mode is = 29.5 by using the formula

11

8

5

C. Determine the actual value of the mode .

The actual value of the Mode is = 28

28

30