Statistical Exploration with the College Bookstore Cont.

Textbook prices have a broad range due to various factors such as course requirements and publishers. You’re looking at a sample of textbook prices:

To have a clearer understanding of the distribution of these prices, identify the parts of a five-number summary (minimum, first quartile, median, third quartile, maximum).

Let’s take the five-number summary you just created and turn it into a box plot.

To get a better sense of the data, calculate the interquartile range (IQR) of the textbook prices.

Great work today looking over the book stores sales! Through this activity, you’ve practiced a range of statistical calculations and visualizations. Understanding and interpreting statistics is fundamental in data analysis. It helps you to describe, summarize, and represent data quickly and effectively. It also gives you the basis for making decisions about your bookstore operation and possibly predicting future trends.