Determining midrange and standard variance

Reference no: EM1315591

Q1) Manufacturer thinks he can get $124.00 for his product. Wanting to prove his faith he collected random sample of 64 potential buyers of his product and found on average they were eager to pay $121.9 with sample standard deviation of $16.00. If he tests at = .05 level what would he conclude?

2) Following data are bi-weekly gross pay amounts for current graduates of university's Masters program

$2,225

$2,900

$1,923

$3,200

$4,000

$2,900

$3,847

$3,780

$2,225

a) Determine the Mean

b) Determine the Position of the Location of the Median

c) Determine the Median

d) Determine the Range

e) Determine the Midrange

f) Determine the Mode

g) Determine the Standard Variance

h) Determine the Standard Deviation

Reference no: EM1315591

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