The American Automobile Association checks the prices of gasoline before many holiday weekends. Listed below are the self-service prices for a sample of 15 retail outlets during the May 2003 Memorial Day weekend in the Detroit, Michigan area.
1.44 1.42 1.35 1.39 1.49 1.49 1.41 1.46
1.41 1.49 1.45 1.48 1.39 1.46 1.44
1. What is the arithmetic meanselling price?
2. What is the medianselling price?
3. What is the modal selling price?
This solution contains a brief, but concise step by step procedure for the calculation of the statistical measures in question, which are the mean, median and mode. All calculations are included, along with the equations which accompany them.