0.10, 1.25, 1.50, 1.50, 1.75, 2.00, 2.00, 2.00, 2.00, 2.00
Which measure of central tendency will give the highest price?
The MEAN is the ordinary AVERAGE that you learned in
elementary school.
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The MEDIAN with an odd number of numbers = the middle
number when numbers are arranged smallest to largest
or largest to smallest.
The MEDIAN with an even number of numbers = the average
of the two middle numbers when numbers are arranged
smallest to largest or largest to smallest.
There are 10 numbers, and 10 is even, so we use the
second rule and average the two numbers in the middle
which are 1.75 and 2.00.
Think of the fact that the MEDIAN of a highway is right in the middle.
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The MODE is the number which occurs the MOST number of times.
(Remember that by the fact that "MODE" and "MOST" both begin with
an "MO" and have 4 letters.
2.00 occurs the MOST number of times so
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The RANGE = Largest Data Value - Smallest Data Value
So
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So the MODE is the largest price with $2.00
Edwin