Question

Which companies spend the most money on advertising? A news website maintains a list of the top-spending companies. In 2014, Company A spent more than any other company, a whopping $4.80 billion. In second place was Company B, which spent $3.58 billion. The top 12 companies and the amount each spent on advertising in billions of dollars are as follows.

Company             Advertising

($ billions)           Company             Advertising

($ billions)

A             4.80       G             2.29

B             3.58       H             2.05

C             3.31       I               2.39

D             2.96       J              1.67

E              2.74       K             2.06

F              1.84       L              1.98

(a)

What is the mean amount (in billion dollars) spent on advertising? (Round your answer to two decimal places.)

$ Correct: Your answer is correct. billion

(b)

What is the median amount (in billion dollars) spent on advertising?

$ Correct: Your answer is correct. billion

(c)

What are the first and third quartiles (in billion dollars)?

first quartile $ Incorrect: Your answer is incorrect. billion third quartile $ Incorrect: Your answer is incorrect. billion

Answer 1

  Answer:

J 1.67

F 1.84

L 1.98

H 2.05

K 2.06

G 2.29

I 2.39

E 2.74

D 2.96

C 3.31

B 3.58

A 4.80   

Arranged in ascending order...

Since n = 12, n is even.
Hence, median
= average of 6th and 7th values
= (0.5) * (2.29 + 2.39) = 2.34

Median divides the dataset into 2 halves.

First quartile = median of the last 6 observations
= average of the 3rd and 4th values
= (2.05+1.98)/2 = 2.015

Third quartile = median of the first 6 observations

= average of the 9th and 10th values

= (0.5) * (2.96 + 3.31)
=3.135