A Consumer Research Group Purchased Identical Items in Eight Grocery

question 29

Multiple Choice

A consumer research group purchased identical items in eight grocery stores. The costs for the purchased items were $42.27, $48.60, $37.79, $37.01, $45.21, $38.78, $44.31, and $42.21. Calculate the mean and the median costs of the purchased items. Round your answers to four decimal places.

• A) Mean: $42.2400; median: $42.2400
• B) Mean: $42.0225; median: $42.2400
• C) Mean: $42.0225; median: $42.0225
• D) Mean: $42.2400; median: $42.0225
• E) Mean: $48.0257; median: $42.2400

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Definitions:

Population Standard Error

A measure that estimates the variability or dispersion of a population parameter based on a sample.

Mean

The average of a set of numbers, calculated by adding all the values together and dividing by the number of values.

Sample Mean

Mean calculated from data for a sample.

Confidence Interval

A set of values, taken from sampled data, that potentially covers the value of an unknown parameter of the population.