Question

The U.S. Department of Labor reports that the average prices for a dozen eggs in the month of May for the past 11 years are as follows: $1.19, $1.21, $1.50, $1.93, $1.50, $1.52, $1.69, $1.69, $1.87, $2.00, $1.96 Round to the nearest hundredth (cent) if necessary. The mean price of eggs over this 11-year period is The median price of eggs over this 11 -year period is

Answer 1

Mean price of eggs = $1.64

Median price of eggs = $1.69

Explanation:

Mean is the average of the given data

Mean = sum of data/sample size

Sum of data = 1.19+1.21+1.50+1.93+1.50+1.52+1.69+1.69+1.87+2.00+1.96

Sum of data = $18.06

Sample size = 11

Mean price of eggs =18.06/11

Mean price of eggs = $1.64

Hence the mean price of eggs over this 11-year period is $1.64

Median is the price in the middle after rearrangement

Rearranging the data

1.19, 1.21, 1.50, 1.50, 1.52,) 1.69, (1.69, 1.87, 1.93, 1.96, 2.00

Since 1.69 falls in the middle after rearranging;

Hence the median price of eggs over this 11 -year period is $1.69