Final answer:
The difference between the maximum value (300) and the minimum value (0) in a data set represents the range, which is 300 in this case. The range is indicative of the spread of data values in the set. Other measures such as the median and mode describe different aspects of the data's distribution.
Step-by-step explanation:
The difference between the maximum and minimum value in a data set is known as the range. In the given data set, the maximum value is recorded as 300 and the minimum value as 0. Therefore, the range can be calculated by subtracting the minimum value from the maximum value, resulting in a range of 300. The range is a measure of the total spread or dispersion of the data values within the set.
In this context, the median value is given as 40, which indicates that when the data is arranged in ascending order, the middle value is 40. This is relevant information for understanding the distribution of values, but it is separate from the calculation of range. The median, along with the mean and mode, is another measure of the center of the data but does not influence the range itself.
Histograms and box-and-whisker plots are visualization tools that can help interpret a data set, where histograms use bins to represent the frequency of data and box-and-whisker plots showcase the five number summary, which includes the minimum and maximum values as well as the three measures of center (median, first quartile, and third quartile).