Assignment - 2

IS 310 – Business Statistics Slide

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Problem 1 : A population consists of four observations : {1, 3, 5, 7}. Find, Mean
“μ”, Median, Mode, Population variance “σ2” , sample variance “S 2” and
population standard deviation “σ” and Sample Standard deviation “S” ?

Problem 2 : Sample of Car rental rates in $ is: 43,35,34,58,30,30,36

Find Mean, Median, Mode, sample Variance and sample Standard Deviation.

Problem 3 : Seventy efficiency apartments were randomly sampled.

Monthly rent prices for these apartments are listed as follows. Find Mean,
Median, Mode. Also Prove sample Variance=2996.16 & sample Standard
deviation = 54.74
 Apartment Rent Sample Data
425 430 430 435 435 435 435 435 440 440
440 440 440 445 445 445 445 445 450 450
450 450 450 450 450 460 460 460 465 465
465 470 470 472 475 475 475 480 480 480
480 485 490 490 490 500 500 500 500 510
510 515 525 525 525 535 549 550 570 570
575 575 580 590 600 600 600 600 615 615
IS 310 – Business Statistics Slide
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 Formulae

Variance
2
2  ( xi  x )
2
 ( x   )
s  2  i
n 1 N

For sample For population

Standard deviation

s s 2
 2

for a sample for a population

IS 310 – Business Statistics Slide
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