During the last 3 years Consolidated Oil Company expanded...

During the last 3 years Consolidated Oil Company expanded its gasoline stations into convenience food stores (CFSs) in an attempt to increase total sales revenue. The daily sales (in hundreds of dollars) from a random sample of 10 weekdays from one of its stores are: $\begin{array}{llllllllll}6 & 8 & 10 & 12 & 14 & 9 & 11 & 7 & 13 & 11\end{array}$ a. Find the mean, median and mode for this store. b. Find the five-number summary.

During the last 3 years Consolidated Oil Company expanded its gasoline stations into convenience food stores (CFSs) in an attempt to increase total sales revenue. The daily sales (in hundreds of dollars) from a random sample of 10 weekdays from one of its stores are:
$\begin{array}{llllllllll}6 & 8 & 10 & 12 & 14 & 9 & 11 & 7 & 13 & 11\end{array}$
a. Find the mean, median and mode for this store.
b. Find the five-number summary.

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Key Concepts

Mean

The mean is the arithmetic average of a set of data values. It is calculated by summing all the data points and dividing by the number of points, providing a single measure that represents the overall level of the data.

Median

The median is the middle value in a sorted list of numbers. When the data is arranged in order, it divides the data set into two equal halves, providing a measure of central tendency that is less affected by extreme values.

Mode

The mode is the value that occurs most frequently in a data set. It is a useful measure of central tendency particularly for categorical data or data with repeated values, although a data set may have more than one mode or no mode if no number repeats.

Five-Number Summary

The five-number summary is a descriptive statistic that provides a quick overview of the distribution of the data. It includes the minimum value, the first quartile (Q1), the median (Q2), the third quartile (Q3), and the maximum value, which together help in identifying the spread and skewness of the data.

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