Question

Find the weighted mean price of three models of automobiles sold. The number and price of each model sold are shown in this list. $$\begin{array}{crr}\text { Model } & \text { Number } & \text { Price } \\\hline \text { A } & 8 & \$ 10,000 \\\text { B } & 10 & 12,000 \\\text { C } & 12 & 8.000\end{array}$$

Name: Problem 23, Chapter 3: Elementary Statistics a Step by Step Approach
Uploaded: 2023-03-05T20:30:23-08:00
Duration: 1 min 43 s
Channel: Jerelyn Nevil
Description: Find the weighted mean price of three models of automobiles sold. The number and price of each model sold are shown in this list. Model Number Price A 8 10,000 B 10 12,000 C 12 8.000

   Find the weighted mean price of three models of automobiles sold. The number and price of each model sold are shown in this list.
$$\begin{array}{crr}\text { Model } & \text { Number } & \text { Price } \\\hline \text { A } & 8 & \$ 10,000 \\\text { B } & 10 & 12,000 \\\text { C } & 12 & 8.000\end{array}$$

Elementary Statistics a Step by Step Approach

Allan G. Bluman 10th Edition

Chapter 3, Problem 23

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Solved by Expert Jerelyn Nevil

03/05/2023

Step 1

This is done by multiplying the number of each model sold by the price of that model. For model A, this would be $8 \times \$10,000 = \$80,000$. For model B, this would be $10 \times \$12,000 = \$120,000$. And for model C, this would be $12 \times \$8,000 = Show more…

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Find the weighted mean price of three models of automobiles sold. The number and price of each model sold are shown in this list. $$\begin{array}{crr}\text { Model } & \text { Number } & \text { Price } \\\hline \text { A } & 8 & \$ 10,000 \\\text { B } & 10 & 12,000 \\\text { C } & 12 & 8.000\end{array}$$

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Key Concepts

Weight Factor

The weight factor in a weighted mean represents the relative importance or frequency of each data point in the dataset. In practical applications, such as calculating average prices when quantities sold vary, each price is multiplied by its respective weight (such as the number of units sold), ensuring that items with higher occurrence have a stronger influence on the final average.

Weighted Mean

A weighted mean, also known as a weighted average, is a measure of central tendency where different data points contribute unequally to the final average. Each value is multiplied by a weight, which reflects its importance or frequency, and the sum of these products is divided by the total sum of the weights. This method is particularly useful when some items occur more frequently or are more significant than others.

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