Reference no: EM132853505

A financial analyst reviewing travel and entertainment costs of Vancouver city collects data from a sample of 8 city restaurants for the cost of one meal (in S). The cost of these meals is: 33 26, 43, 32, 44, 44, 50, 42.

a) Describe, in words, each of the following, in the context of the data: element (i.e. individual/observation), variable, and what type of variable is this (categorical or quantitative).

b) Calculate the mean, standard deviation and the five-number summary of these data. Show your work.

c) Interpret, in the context of the data, the mean and standard deviation from part b).

d) Are there any outliers in this dataset? (Remember to use the rule for outliers here!) Show your calculations and make an appropriate conclusion.