the prices of a bag of potato chips at nine different stores are $2.13, $2.67, $1.69, $1.65, $2.98, $2.97…

the prices of a bag of potato chips at nine different stores are $2.13, $2.67, $1.69, $1.65, $2.98, $2.97, $0.93, $2.58, and $1.85. what is the mean absolute deviation of the prices? provide an answer accurate to the nearest hundredth. (note: answers will be accepted within .03 of gmms expected answer to account for variations in rounding during the solving process.)

the prices of a bag of potato chips at nine different stores are $2.13, $2.67, $1.69, $1.65, $2.98, $2.97, $0.93, $2.58, and $1.85. what is the mean absolute deviation of the prices? provide an answer accurate to the nearest hundredth. (note: answers will be accepted within .03 of gmms expected answer to account for variations in rounding during the solving process.)

Answer

Explanation:

Step1: Calculate the mean

First, sum up all the prices: $2.13 + 2.67+1.69 + 1.65+2.98+2.97+0.93+2.58+1.85=19.45$. Then divide by the number of data - points ($n = 9$). The mean $\bar{x}=\frac{19.45}{9}\approx2.1611$.

Step2: Calculate the absolute deviations

Find the absolute difference between each data - point and the mean: $|2.13 - 2.1611|=0.0311$, $|2.67 - 2.1611| = 0.5089$, $|1.69 - 2.1611|=0.4711$, $|1.65 - 2.1611|=0.5111$, $|2.98 - 2.1611|=0.8189$, $|2.97 - 2.1611|=0.8089$, $|0.93 - 2.1611|=1.2311$, $|2.58 - 2.1611|=0.4189$, $|1.85 - 2.1611|=0.3111$.

Step3: Calculate the mean of the absolute deviations

Sum up the absolute deviations: $0.0311+0.5089+0.4711+0.5111+0.8189+0.8089+1.2311+0.4189+0.3111 = 5.112$. Then divide by the number of data - points ($n = 9$). The mean absolute deviation $MAD=\frac{5.112}{9}\approx0.57$.

Answer:

$0.57$