On a certain day, the average closing price of a group of...

On a certain day, the average closing price of a group of stocks on the New York Stock Exchange (to the nearest dollar) is shown. $$ \begin{array}{lllllllllllll} 21 & 21 & 21 & 22 & 23 & 25 & 28 & 29 & 33 & 35 & 38 & 56 & 61 \end{array} $$ What are the mean, the median, and the mode for these data?

On a certain day, the average closing price of a group of stocks on the New York Stock Exchange (to the nearest dollar) is shown.
$$
\begin{array}{lllllllllllll}
21 & 21 & 21 & 22 & 23 & 25 & 28 & 29 & 33 & 35 & 38 & 56 & 61
\end{array}
$$
What are the mean, the median, and the mode for these data?

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Key Concepts

Median

The median is the middle value of a data set when the values are arranged in numerical order. If the number of data points is odd, the median is the central element, whereas if it is even, the median is typically defined as the average of the two middle numbers. The median is resistant to outliers and skewed distributions.

Mode

The mode is the value that appears most frequently in a data set. It is a useful measure for identifying the most common or repeated observation within the data. In some cases, a data set may have more than one mode if multiple values share the highest frequency.

Descriptive Statistics

Descriptive statistics is the branch of statistics that focuses on summarizing and organizing data. It includes techniques that provide simple summaries and visualizations of a data set, which can help in understanding its overall structure, central trends, and variability.

Mean

The mean is the arithmetic average of all the values in a data set. It is calculated by summing all values and then dividing by the number of values. This measure provides an overall indication of the central value of the data.

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