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Critical Thinking. For Exercises 5鈥20, watch out for these little buggers. Each of these exercises involves some feature that is somewhat tricky. Find the (a) mean, (b) median, (c) mode, (d) midrange, and then answer the given question

Most Expensive Colleges Listed below are the annual costs (dollars) of tuition and fees at the 10 most expensive colleges in the United States for a recent year (based on data from U.S. News & World Report). The colleges listed in order are Columbia, Vassar, Trinity, George Washington, Carnegie Mellon, Wesleyan, Tulane, Bucknell, Oberlin, and Union. What does this 鈥渢op 10鈥 list tell us about those costs for the population of all U.S. college tuitions?

49,138 47,890 47,510 47,343 46,962 46,944 46,930 46,902 46,870 46,785

Short Answer

Expert verified

(a) The mean is $47327.4.

(b) The median is $46,953.0.

(c) There is no mode.

(d) The midrange is $47,961.5.

The top 10 list can be used to infer that the cost at any U.S college would be less than the observed costs.

Step by step solution

01

Given information

The annual costs of tuition and fees of the most expensive colleges in the U.S. are listed as follows.

49,138

47,890

47,510

47,343

46,962

46,944

46,930

46,902

46,870

46,785

02

Compute mean

(a)

The mean of the sample of n observations is computed as:

x=xn, where xrepresents the observations and nis the count of the observations.

Substitute the values in the formula.

x=49138+47890+...+4678510=4732741047327.4

Thus, the mean value is approximately $47327.4.

03

Compute median

(b)

The median of n observations is computed as:

  • If n is odd, the middlemost observation is the median.
  • If n is even, the average of the two middle observations is the median.

The number of observations is10.

Arrange the observations in ascending order.

46,785

46,870

46,902

46,930

46,944

46,962

47,343

47,510

47,890

49,138

The middlemost observations are 46,944, and 46,962.

The median is given as:

M=46944+469622=939062=46953

Thus, the median is $46,953.0.

04

Compute mode

(c)

The mode is(are) the observation(s) with the maximum frequency value(s).

None of the values has the highest frequency.

Thus, there is no mode in the data.

05

Compute midrange

(d)

The midrange of the set of n observations is computed using the minimum and maximum values as shown below:

Midrange=Minimumvalue+Maximumvalue2

Substitute the values in the formula.

Midrange=46785+491382=959232=47961.5

Thus, the midrange is $47,961.5.

06

Explain the cost of the population of all college fees as per the statistics

The sampled list of colleges comprises the 10 most expensive colleges in the United States. So, the sample includes only a certain number of samples, which are the most expensive in terms of fees. Thus, the sample is not a true representative of the population of costs in all U.S.colleges.

Therefore, the top 10 list of costs can only be used to infer that the costs at any other United States college in that year would be less than the sampled observations.

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