Cellphones ConsumerReports A Were Any of the Prices Outliers? Explain How You

question 30

Essay

Cellphones ConsumerReports.org evaluated the price and performance of 99 models of cellphones. Computer output gives these summaries for the prices:
$\begin{array}{|c|c|c|c|c|c|c|c|c|}\hline \text { Min }& \text { Q1} & \text { Median} & \text { Q3} & \text { Max }& \text { MidRange} & \text { Mean }& \text { TrMean} & \text { SD} \\\hline 0 & 0 & 50 & 200 & 400 & 200 & 96.36 & 90.21 & 107.23 \\\hline\end{array}$

a. Were any of the prices outliers? Explain how you made your decision.
b. One of the manufacturers advertises a cellphone "economy-priced at only $31.95". Would you consider that to be a very low price? Explain.

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Definitions:

Double Coincidence

A situation in a barter system where two parties each hold an item the other wants, facilitating an exchange without the need for money.

Barter

The exchange of one good or service for another good or service; a trade.

M2

A measure of the money supply that includes all elements of M1 (cash and checking deposits) plus savings deposits, money market mutual funds, and other time deposits.

M1

A segment of the money supply encompassing all tangible currency, such as bills and coins, in addition to demand deposits, checking accounts, and negotiable order of withdrawal (NOW) accounts.