- Find the average, middle value, and most common value in a set of data
- Calculate how spread out the data is using the range and standard deviation
- Identify the parts of a five-number summary for a set of data and create a box plot
Statistical Exploration with the College Bookstore
Imagine you are in charge of managing your college bookstore. You’ve been asked to analyze various aspects of the bookstore’s operations using statistical tools. The data includes daily customer counts, total daily sales, textbook prices, and hourly sales data.
The bookstore’s daily customer counts for the past ten days are as follows:
To get a sense of the bookstore’s average daily traffic, calculate the mean, median, and mode of this dataset.
Sales are critical for the bookstore’s operation. You have data on the total daily sales ([latex]$[/latex]) of the bookstore for the past ten days:
[latex][4\mbox{,}500\mbox{, } 4\mbox{,}800\mbox{, } 4\mbox{,}900\mbox{, } 4\mbox{,}600\mbox{, } 4\mbox{,}700\mbox{, } 4\mbox{,}800\mbox{, } 4\mbox{,}600\mbox{, } 4\mbox{,}900\mbox{, } 5\mbox{,}000\mbox{, } 4\mbox{,}700][/latex]
To assess the volatility of the daily sales, calculate the range, deviations from the mean, and the population standard deviation of this data set.