Below is a list of shipping costs quoted by six online retailers for the same item....
Below is a list of shipping costs quoted by six online retailers for the same item. Compute the MAD for the shipping cost data. $3.00 $2.84 $2.40 $3.02 $2.80 $2.51
Homework Answers
MAD is the Mean Absolute Deviation.
MAD is calculated using the below formula:
where μ can be calculated using the formula:
μ = (3+2.84+2.4+3.02+2.8+2.51)/6 = 2.761667
MAD = (|3-2.761667|+|2.84-2.761667|+|2.4-2.761667|+|3.02-2.761667|+|2.8-2.761667|+|2.51-2.761667|)/6 = 0.2044444
| Xi | Xi - μ | |Xi - μ| |
| 3 | 0.238333 | 0.238333 |
| 2.84 | 0.078333 | 0.078333 |
| 2.4 | -0.36167 | 0.361667 |
| 3.02 | 0.258333 | 0.258333 |
| 2.8 | 0.038333 | 0.038333 |
| 2.51 | -0.25167 | 0.251667 |
| 2.761667 | 0.204444 |
MAD = 0.20444444
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