(a)Evaluate the following set of data for possible and probable outliers. 5 8 2 9 5 3...

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Statistics

(a)Evaluate the following set of data for possible and probableoutliers.
5 8 2 9 5 3 7 4 2 7 4 10 4 3 17

(b) A firm pays 5/12 of its labor force an hourly wage of $5, 1/3of the labor force a wage
of $6 and ¼ a wage of $7. Determine the average wage paid by thefirm.

(c)For the same amount of capital invested in each of 3 years, aninvestor earned a rate of
return of 1%during the first year, 4% during the second year and16% during the third.
Find the simple arithmetic mean and the geometric mean. Which doyou think is a more
appropriate in this case? Explain.

(d) A plane travelled 200 miles at 600 mph and 100 miles at 500mph.What was the
average speed for the entire journey?

(e) A driver purchased $10 worth of gasoline at $0.90 per gallonand another $10 at
$1.10 per gallon. What is the average price per gallon?

Answer & Explanation Solved by verified expert

4.0 Ratings (589 Votes)

1 Evaluate possible and probable outliers Outlierr is an observation that lies an abnormal distance from other values in a random sample There are various ways to detect outliers in a datset Most commonly used method usage median and InterQuartile Range Datapoints beyond Q1 15IQR Q3 15IQR termed as inner fence is known as possible outlier Observations beyond Q1 3IQR Q3 3IQR termed as outer See Answer

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