Question

3. A local charity wants to purchase a classic 1975 Chevy Monte Carlo for use as a prize in a fundraiser.

They find the following eight prices in the paper
$18,000
$16,000
3090
$18,888
b. What is the range?
a. What is the best measure of central tendency to use to get a reasonable estimate for
the cost of the car? Explain.

Answer 1

The range is $2,888 and the best measure of central tendency to use is the mean.

Step-by-step explanation:

The range is the difference between the highest and lowest values in a set of data. In this case, the highest price is $18,888 and the lowest price is $16,000. So the range is $18,888 - $16,000 = $2,888.

The best measure of central tendency to use to get a reasonable estimate for the cost of the car is the mean. The mean is the average of all the prices in the set. It takes into account all the prices and gives a balanced estimate of the cost.

Answer 2

Your question says “the following eight prices”, but you’ve only listed 4. I’ll just use the prices you listed to work from here, and you can use this example to help you.

b. What is the range?
The range is equal to: the highest value minus the lowest value. In this case, the highest value is $18,888 and the lowest value is $3,090. The range would be 18,888 - 3090 = $15,798.

a) What is the best measure of central tendency?
Use the mean. the mean, also known as the average, is calculated by adding all of the values and dividing that number by the total amount of values used. For example, you gave me 4 values. we would add up the 4 prices and divide it by 4. $18,000 + $16,000 + $3,090 + $18,888 = $55,978. Divided by 4 = $13,994.5. The average price of this car would be $13,994.5.