Critical Thinking - Quantitative Analysis – Math Problem Example

The paper "Critical Thinking - Quantitative Analysis" is a great example of a math problem on statistics.
MEAN The mean would be the best measure of central tendency for this set of data. A mean or an average is essential in the representation of the values of the majority of observations found in the population. Therefore, the mean for this specific set of data would describe the population in terms of the magnitude that is obtained by the majority of household incomes for families living in Fallen Pines.
Mean = ∑ x
n
55 + 59 + 39 + 67 + 54 + 90 + 62 + 60 + 840 + 390 + 450 + 96 + 55 + 55 + 29 + 66 + 62 + 45 + 80 + 69
20
Mean = 2,723,000 = $ 136,150
20
2. MEDIAN
Median is a value that is located at the middle of a particular set of data that is organized by magnitude. Since this measure of central tendency divides the data into two equal halves, then it is a suitable measure of central tendency for the area of the residential lot.
0.19, 0.19, 0.19, 0.19, 0.22, 0.22, 0.22, 0.24, 0.24, 0.24, 0.24, 0.26, 0.26, 0.27, 0.27, 0.28, 0.30, 0.30, 0.30
Median = 0.24
3. MODE
The mode is the value with the highest frequency in a data set. This measure of central tendency is appropriate for this set of data because it gives the brand of automobile that is preferred by most families in the Fallen Pines subdivision. Therefore, the brand that is most in demand and is the most occurring can easily be determined.
Mode = Subaru (occurs 5 times)