Estimate mean and standard deviation of advertising expense

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Reference no: EM13154192

Advertising expenses are significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 60 manufacturing companies located in the Southwest. Estimate the mean and the standard deviation of advertising expense.

Advertising Expenditure
($ millions) Number of Companies
25 up to 35 5
35 up to 45 10
45 up to 55 21
55 up to 65 16
65 up to 75 8
Total 60

Reference no: EM13154192

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