Answer: Please refer to Explanation
Explanation:
a) Mean
Calculated by adding up all the variables and dividing by their number.
= (1,279 + 1,000 + 1,500 + 895 + 649 +
+ 1,100 + 1,299 + 649)/ 8
= 8,371/8
= $1,046.38
Mode is the highest appearing number.
If the numbers are arranged in Ascending order we get,
649, 649, 895, 1,000, 1,100, 1,279, 1,299, 1,500
We can see that the Mode is $649.
The Median is the number in the middle. If there is an even distribution then there will be 2 numbers in the middle. To find the middle one will therefore be average of the 2 in the middle.
649, 649, 895, 1,000, 1,100, 1,279, 1,299, 1,500
The two numbers are 1,000 and 1,100.
Average is,
= (1,000 + 1,100) / 2
= 2,100/2
= $1,050
b) The store is using the Mode and they are most probably using it because it is the lowest price. They are using that low price to entice people to come and patronize them.
c) The Customer would want to see the Mean advertised. The mean is a truer representation of the prices of the television and gives the consumer therefore, a better estimate regarding how much the television sets cost. This will enable them to budget better.
