If most of the prices in a large data set are of approximately the same magnitude...
If most of the prices in a large data set are of approximately the same magnitude except for a few observations that are quite a bit larger, how would the mean and median of the data set compare and what shape would a histogram of the data set have?
A.The mean would be larger than the median and the histogram would be skewed with a long right tail.
B. The mean would be smaller than the median and the histogram would be skewed with a long right tail.
C. The mean would be smaller than the median and the histogram would be skewed with a long left tail.
D. The mean would be larger than the median and the histogram would be skewed with a long left tail.
E. The mean would be equal to the median and the histogram would be symmetrical.
Homework Answers
A.The mean would be larger than the median and the histogram would be skewed with a long right tail.
(since there are outliers on the right side ; therefore the distribution should be right skewed and therefore mean should be larger than median)
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