Question

Find the mean and median of the following prices for a used car extended warranty: $1,200, $1,650, $1,500, $2,000, $1,400, $1,850, and $1,600. Is the data skewed?

Answer 1

The mean and median of the used car extended warranty prices are both $1,600, suggesting that the data is not skewed.

Step-by-step explanation:

To find the mean of the used car extended warranty prices, we add up all the prices and then divide by the number of prices.

1. Add the prices: $1,200 + $1,650 + $1,500 + $2,000 + $1,400 + $1,850 + $1,600 = $11,200.
2. Divide by the total number of prices: $11,200 / 7 = $1,600. So the mean price is $1,600.

To find the median, we arrange the prices in ascending order and find the middle value:

1. Order prices: $1,200, $1,400, $1,500, $1,600, $1,650, $1,850, $2,000.
2. The middle value is the fourth one: $1,600, which is also the median.

To determine if the data is skewed, we compare the mean and median.

In this case, the mean and median are equal. This suggests that the data is not skewed.