Question

Find the​ (a) mean,​ (b) median,​ (c) mode, and​ (d) midrange for the data and then​ (e) answer the given questions. Listed below are the highest amounts of net worth​ (in millions of​ dollars) of all celebrities.

1. What do the results tell us about the population of all​ celebrities?
2. Based on the nature of the​ amounts, what can be inferred about their​ precision?

250 200 185 175 165 165 150 150 150 150

Answer 1

Mean = 174

Median = 165

Mode = 150

Range = 100

Mid-range= 165-150= 15

1) only few population of the celebrities have high net-worth

2) very low precision as their is a wide range in the variation of their net worth

Explanation:

250 200 185 175 165 165 150 150 150 150

Arranged in ascending order =

150 150 150 150 165 165 175 185 200 250

Mean = (150+ 150 +150 +150 +165 +165 +175+ 185 +200 +250)/10

Mean = 1740/10

Mean = 174

Median =( 165+165)/2

Median = 165

Mode = 150

Range = 250-150

Range = 100

Mid-range= 165-150= 15

1) only few population of the celebrities have high net-worth

2) very low precision as their is a wide range in the variation of their net worth