246, 299, 360, 404, 379, 199, 279, 749, 794, 849, 914Compute the mean, median, and mode of these prices.Find the first and third quartiles of the prices.

Accepted Solution

Answer:Mean = 497.5Median = 379.0 First Quartile = 289Third Quartile = 771.5Step-by-step explanation:Mean is used to measure the central tendency of data which represents the whole data in the best way. It can be found as the ratio of the sum of all the observations to the total number of observations.  ⇒ [tex]Mean=\frac{246+ 299+ 360+ 404+ 379+ 199+ 279+ 749+ 794+ 849+ 914}{11}[/tex]⇒ Mean = 497.5Median is the middle observation of given data. It can be found by following steps: Arranging data in ascending or descending order. Taking the average of middle two value if the total number of observation is even, and this average is our median. or, if we odd number of observation then the most middle value is our median.  Here, number of observation is 11.So the middle value is (11+1)÷2 = 6th term⇒ Median = 379The mode is the observation which has a high number of repetitions (frequency). Here frequency of all observation is same. So, it is multi- modal data. First Quartile is the middle value between Minimum value and Median of data after arranging data in ascending order. First Quartile (Q₁) = 289 The third Quartile is the middle value between Median and Maximum Value of data after arranging data in ascending order. Third Quartile (Q₃) = 771.5