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Calculate the Mean, Median, Mode, and range for the following Sales data.
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7 stepsYou've made good progress, James! You've correctly identified the number of data points and started the calculations. Let's refine your ordered list and then complete the calculations and interpretations.
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; $2900.
Correct the ordered data.
The original dataset has one 2900s. Your ordered list had two 2900s. Let's correct it:
1100, 1600, 1700, 2000, 2300, 2900, 2900, 3700, n=17$ data points.Calculate the mean.
First, let's sum the values from the correct ordered list:
Now, calculate the mean:
Rounding to two decimal places:
The mean is\boxed{\mathbf{\2211.76}}$.Interpret the mean.
The mean of 2211.76. It represents the central tendency of the sales data.
Calculate the median.
Since there are 17 data points (an odd number), the median is the -th value in the ordered list.
Counting to the 9th value in the correct ordered list:
.
The 9th value is \boxed{\mathbf{$2200}}$.Interpret the median.
The median of $2200 means that half of the sales values are below $2200 and half are above $2200. It is the middle value of the dataset when arranged in order.
Calculate the mode.
The mode is the value that appears most frequently in the dataset.
In the correct ordered list, the value \boxed{\mathbf{$2900}}$.Calculate the range.
The range is the difference between the maximum and minimum values in the dataset. The range is
\boxed{\mathbf{\3300}}$.
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