# Problem Set I: Changes in the Prices of Gasoline During Holidays

## Problem Set I: Changes in the Prices of Gasoline During Holidays

Problem Set I
Lind Chapter 3: Exercises 60, 62, 68, 70, 72

60. Owens Orchards sells apples in a large bag by weight. A sample of seven bags contained the following numbers of apples: 23, 19, 26, 17, 21, 24, 22.
a. Compute the mean number and median number of apples in a bag.
Mean= 23+19+26+17+21+24+22/7 = 21.7 (21.7143)
Median= 22
b. Verify that S (X - X) = 0.
(23-21.7) + (19- 21.7) + (26-21.7) + (17-21.7) + (21-21.7) + (24-21.7) + (22-21.7) = 0.1
or
(23 -21.7143) + (19-21.7143) + (26 -21.7143) + (17-21.7143) + (21 -21.7143) + (24-21.7143) + (22-21.7143) = 0

62. The Citizens Banking Company is studying the number of times the ATM located in a Loblaws Supermarket at the foot of Market Street is used per day. Following are the numbers of times the machine was used over each of the last 30 days. Determine the mean number of times the machine was used per day.
83 64 84 76 84 54 75 59 70 61
63 80 84 73 68 52 65 90 52 77
95 36 78 61 59 84 95 47 87 60
(83+64+84+76+84+54+75+59+70+61
+63+80+84+73+68+52+65+90+52+77
+95+36+78+61+59+84+95+47+87+60)/ 30
= 2116/ 30 = 70.5333
Mean= 70.5
68. 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
a. What is the arithmetic mean selling price?
(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) / 15 = 21.57/ 15 = 1.438
Mean= 1.44
b. What is the median selling price?
1.35, 1.39, 1.39, 1.41, 1.41, 1.42, 1.44, 1.44, 1.45, 1.46, 1.46, 1.48, 1.49, 1.49, 1.49
Median= 1.44
c. What is the modal selling price?
1.35, 1.39, 1.39, 1.41, 1.41, 1.42, 1.44, 1.44, 1.45, 1.46, 1.46, 1.48, 1.49, 1.49, 1.49
Mode= 1.49

70. A recent article suggested that if you earn \$25,000 a year today and the inflation rate continues at 3...