Question

Analyze the following list of prices for a used original radio for a 1955 Thunderbird and perform the calculations:

a) Find the mean of the radio prices. Round to the nearest cent.
b) Find the median of the radio prices.
c) Find the mode of the radio prices.
d) Find the four quartiles.
e) Find the interquartile range for this data set.
f) Find the boundary for lower outliers. Are there any lower outliers?
g) Find the boundary for upper outliers. Are there any upper outliers?

Answer 1

To calculate the mean, add all the prices and divide by the total count. The median is the middle price when listed in order; the mode is the most frequent price. Quartiles are found by dividing the data into four equal parts, with the IQR being the difference between Q3 and Q1, and outliers are determined by calculating boundaries using 1.5 times the IQR.

Step-by-step explanation:

Given a list of prices for a used original radio for a 1955 Thunderbird, several statistical measures can be calculated:

1. To find the mean of the radio prices, add all the prices together and divide by the total number of prices.
2. The median is the middle number when the prices are listed in order; if there is an even number of prices, average the middle two.
3. The mode is the price that occurs most frequently in the list.
4. Quartiles divide the data into four equal parts; the first quartile (Q1) is the median of the lower half of the data, the second quartile (Q2) is the median of the data set, and the third quartile (Q3) is the median of the upper half of the data.
5. The interquartile range (IQR) is calculated by subtracting Q1 from Q3.
6. To find the boundary for lower outliers, subtract 1.5 times the IQR from Q1; any data points below this are considered lower outliers.
7. The boundary for upper outliers is found by adding 1.5 times the IQR to Q3; any data points above this are considered upper outliers.