Answered: In an upcoming decision to relocate, a…

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.3: Conditional Probability; Independent Events; Bayes' Theorem

Problem 82E

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Question

. In an upcoming decision to relocate, a new graduate’s decision on location choice comes
down to housing prices. The following data are the monthly rental prices for a sample of
unfurnished studio apartments in Concord, New Hampshire, and a sample of unfurnished
studio apartments in Charleston, West Virginia:
Concord
$955 $980 $940 $975 $965 $990 $1,240 $1,120
Charleston
$725 $705 $695 $725 $690 $745 $575 $800
a. For each set of data, compute the mean, median, mode, range, standard deviation,
and coefficient of variation.
b. What conclusions can you draw about unfurnished studio apartments renting in
Concord versus Charleston? Compare and contrast.

Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.

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