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Numerade Educator

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Problem 4 Medium Difficulty

Ten of the Fortune 500 large businesses that lost money in 2006 are listed below:
$$\begin{array}{|l|c|l|c|}\hline \text { Vodafone } & 39093 & \text { General Motors } & 10567 \\\hline \text { Kodak } & 1362 & \text { Japan Airines } & 417 \\\hline \text { UAL } & 21167 & \text { Japan Post } & 3 \\\hline \text { Mitsubishi Motors } & 814 & \text { AMR } & 861 \\\hline \text { Visteon } & 270 & \text { Karstadt Quelle } & 393 \\\hline\end{array}$$
Calculate the mean and median of the losses. Which measure is more appropriate in this case? Explain.

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Video Transcript

this problem were given Ah, lot of losses of businesses and we want to find the mean and median if them so the mean. You would take all of the ah losses and add them up. I'm not gonna write all of thumbs. Last on this 3 93 divided by we have 10 data values so divided by 10 and you add it all up and then divided by 10. That's going to give you a mean of 307,000 and 36. Remember, this is in millions so rendered $7 million. 307 uh, sorry. 307. 36 1000 and then millions of dollars. So that's that's what time of the trillions here, The median is calculated by reorganizing the data. So, um, the ah, fourth and sorry, we have 10 data valleys. We're looking for the fifth and sixth data values to take their means. So that's going to be that we look for the 5th 1 in order one so three and then to 70. And in 3 93 and 4 17 and then it looks like it is 814. It's the fifth number and Ah, 8 61 is the sixth number. So plus 8 61 Just double check. 1234 And then no, no, The fifth number is actually 4 17 Sorry. 12 No, no, that's the fourth number. 1234 8 14 and 8 61 Yet and then divided by two. Willing to look for the mean of the middle. Two numbers. So 8 14 plus 8 61 invented by two. That would be a median of 837.5 million. And ah, again, we want to do ah, mean or median. In this context, my answer would be median because the data is skewed to one side, so it's gonna again influence or mean calculations.