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Calculate the mean, median, mode, and range for the following Sales data: 1,700, 2,200, 2,400, 2,900, 1,800, 3,700, 1,200, 2,300, 600, 1,600, 2,000, 3,900, 1,100, 1,700, 2,900, 2,900, $2,900

Economics

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Okay, James, let's complete Question #1 using your re-arranged data.

Question #1)

Calculate the mean, median, mode, and range for the following sales data:
$1700; $2200; $2400; $2900; $1800; $3700; $1200; $2300; $600; $1600; $2000; $3900; $1100; $1700; $2900; $2900; $2900.

  1. Use the ordered data.

    You've correctly re-arranged the sales data in ascending order:
    600,600, 1100, 1200,1200, 1600, 1700,1700, 1700, 1800,1800, 2000, 2200,2200, 2300, 2400,2400, 2900, 2900,2900, 2900, 2900,2900, 3700, 3900.Thereare3900. There are n=17$ data points.

  2. Calculate the mean.

    The mean is the sum of all values divided by the number of values.

    Mean=∑xn=600+1100+1200+1600+1700+1700+1800+2000+2200+2300+2400+2900+2900+2900+2900+3700+390017\text{Mean} = \frac{\sum x}{n} = \frac{600+1100+1200+1600+1700+1700+1800+2000+2200+2300+2400+2900+2900+2900+2900+3700+3900}{17} Mean=3760017≈2211.76\text{Mean} = \frac{37600}{17} \approx 2211.76

    The mean is \boxed{\mathbf{\2211.76}}$.

  3. Calculate the median.

    Since there are 17 data points (an odd number), the median is the ((n+1)/2)((n+1)/2)-th value in the ordered list.

    Median position=17+12=9-th value\text{Median position} = \frac{17+1}{2} = 9\text{-th value}

    Counting to the 9th value in your ordered list:
    600,1100,1200,1600,1700,1700,1800,2000,2200,2300,2400,2900,2900,2900,2900,3700,3900600, 1100, 1200, 1600, 1700, 1700, 1800, 2000, \mathbf{2200}, 2300, 2400, 2900, 2900, 2900, 2900, 3700, 3900.
    The 9th value is 2200.Themedianis2200. The median is \boxed{\mathbf{$2200}}$.

  4. Calculate the mode.

    The mode is the value that appears most frequently in the dataset.
    In your ordered list, the value 2900appears4times,whichismorethananyothervalue.Themodeis2900 appears 4 times, which is more than any other value. The mode is \boxed{\mathbf{$2900}}$.

  5. Calculate the range.

    The range is the difference between the maximum and minimum values in the dataset. Range=Maximum Value−Minimum Value=$3900−$600=$3300\text{Range} = \text{Maximum Value} - \text{Minimum Value} = \$3900 - \$600 = \$3300 The range is \boxed{\mathbf{\3300}}$.

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