Frequency distributions and graphs; Data description

Frequency distributions and graphs; Data description.

Using the data set in the attachement, use Excel to find the following descriptive statistics for the price data.

Descriptive statistics:

Mean

Median

Standard Deviation

Use these summary statistics to make two conclusions or observations about the typical vehicle in the sample. One conclusion must relate to the measure of center (mean/median) and one to the variability (standard deviation) of the vehicles.

Next, add an 11th vehicle to the data set. Choose a “supercar” that costs at least $1 million. Recalculate the summary statistics to include this vehicle.

Descriptive statistics:

Mean

Median

Standard Deviation

Which summary statistics were affected the most by the addition of this outlier? How were they changed, and were you surprised by the results? I encourage you to review the Week 2 descriptive statistics PDF at the bottom of the discussion forums. This will give you a step by step example on how to calculate these values using Excel. I DO NOT recommend doing this by hand. Let Excel do the heavy lifting for you.

Sample Solution

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Frequency distributions and graphs; Data description

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