Math HW

MM255 Business Math and Statistical Measures

Unit 3: Instructor Graded Assignment Statistics In this and future Instructor Graded Assignments, you will be asked to use the answers you found in the Unit 1 Assignment. Note: For these questions, you need to cite a reliable source for information, which means you cannot use sites like Wikipedia, Ask.com®, and Yahoo® answers. If you do use those sites the instructor may award 0 points for your response. The Assignment problems must have the work shown at all times. The steps for solving the problems must be explained. Failure to do so could result in your submission being given a 0. If you have any questions about how much work to show, please contact your instructor.

Assignments must be submitted as a Microsoft Word® document and uploaded to the Dropbox for Unit 3. Type all answers directly in this Assignment below the question it applies to. All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit. Data Sets and Graphs (Questions 1 - 6 are worth 5 points each.) 1. Using your link for the national average of gas you found in Unit 1, state the average prices of gas for each month, for the last year that full data exists (for instance, if you are working this Assignment in October of 2013, you would use January 2012 - December 2012 as that is the last full year with data). For this example, we will use a mock set. Pretend that the averages of the past year for gas were the following: 1.10 1.13 1.15 1.25 1.40 1.35 1.35 1.39 1.27 1.25 1.23 1.11 2. Find the mean of your data set in question 1. For this data set the mean is (1.1 + 1.13 + 1.15 + 1.25 + 1.40 + 1.35 + 1.35 + 1.39 + 1.27 + 1.25 + 1.23 + 1.11) / 12. Doing that calculation will give you 1.24833333..... We will round that to 1.2483. Therefore, the mean of my data set is $1.2483, or rounded to the nearest cent, $1.25 3. Find the median of your data set in question 1. We must first put the data set in order: 1.10 1.11 1.13 1.15 1.23 1.25 ↓ 1.25 1.27 1.35 1.35 1.39 1.40 Once it is in order, we need to find the exact middle of the data set. The exact middle of this set is between the two 1.25's (where the red arrow is). As you can see there is no number there, so what we do is we figure out what that number would be, if it existed.

MM255 Business Math and Statistical Measures

A reasonable way to do this is to take the average of the two numbers on either side of the arrow. So, we compute (1.25 + 1.25) / 2 = 1.25, and we use that number as the median. Therefore, the median of this data set is 1.25. 4. Find the standard deviation of your data set in question 1. You may use Microsoft Excel to compute the standard deviation. Note: If you use Microsoft Excel to compute the standard deviation, show for your work the formula that you entered into Microsoft Excel, and then the answer Microsoft Excel gave you. To do this in excel, we will use the command =stdev. The = is mandatory, as that tells excel you are doing a command. Directions for how to use this command are in excel. Using the stdev command in excel, we will find that our standard deviation is $0.108 (rounded) 5. Create a histogram or bar graph of your data set in question 1. Post your graph below. No example able to be provied, as answers and directions vary depending on version of office used. If you need help creating the histogram check excel help, with your teacher or with the math center tutors. 6. Find a circle graph or bar graph online and post the graph below, then state what the graph is supposed to convey. What is the purpose of the graph? Does it convey, in your opinion, its intended message? Why or why not? Answers vary. If you need a hint to get started, try looking at local news sites or even national news sites.