Listed below are annual revenues for a few travel agencies:
AAA Travel Agency
Riser Group
Casto Travel
Balboa Travel
Hunter Travel Managers.
a. What would be the mean and the median?
Mean
Median
$86,700,000
63,200,000
62,900,000
36,200,000
36,000,000
$ 57,000,000
$ 62,900,000

Respuesta :

Mean= $57,000,000 and Median=$57,000,000

What is Mean?

One of the most significant and often employed metrics of central tendency is the mean. In mathematics, there are various different kinds of means. In statistics, the mean is the product of all the values in a set of data divided by the total number of values in the data for a particular set of observations. To put it another way, calculating the mean of a data set only requires adding up all the values and dividing the result by the total number of values. However, depending on whether grouped or ungrouped data is provided, the basic approach and formulae change.

Mean = 1/5 * (Sum of all agencies)

= 1/5 * (86,700,000 + 63,200,000 + 62,900,000 + 36,200,000 + 36,000,000)

= $57,000,000

Since the number of entries are odd,

hence median = 1/2 * (5+1) = 3rd item in the sorted list, which is equal to $57,000,000

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