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Chapter 12: Problem 65

What is the median and how is it obtained?

Short Answer

Expert verified
The median is the number that falls exactly in the middle of a data set, dividing the data set into two equal halves. If there is an odd number of data points, it's the middle data point. If there is an even number of data points, it's the average of the two middle data points.

Step by step solution

01

Definition

Median is a statistical term that is used to identify the number that falls exactly in the middle of a data set. It divides the data set into two equal halves. If there is an even number of data points, then the median is calculated by taking the average of the two middle numbers.
02

Step-by-step calculation process

To calculate the median of a set of values, one needs to follow these steps: \n1. Arrange the data set in increasing or decreasing order. \n2. If the number of data points is odd, then the median is the value at the center of this ordered list. \n3. If the number of data points is even, then the median is the average (sum divided by two) of the two center values.

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Most popular questions from this chapter

Over a one-month period, stock A had a mean daily closing price of \(124.7\) and a standard deviation of \(12.5\). By contrast, stock B had a mean daily closing price of \(78.2\) and a standard deviation of 6.1. Which stock was more volatile? Explain your answer.

What does a \(z\)-score measure?

A set of data items is normally distributed with a mean of 60 and a standard deviation of 8.Convert each data item to a z-score. 60

Give an example of both a commonly occurring and an infrequently occurring \(z\)-score. Explain how you arrived at these examples.

If you score in the 83rd percentile, what does this mean?
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