Question

You are planning a trip to Washington, D.C., and are looking up hotel room rates. On the Internet you find the following rates for a one-night stay in a hotel in Washington, D.C. $109, $126.50, $175.95, $139, $77.50, $145, $162.35, $173, $181.50, $105 Find the mean, median mode(s), range, standard deviation, and variance of the data: Is there a great deal of dispersion among the rates? Explain.

Answer 1

we can easily find the quantities

let denote the prices of hotel then

After arranging them in ascending order middle one will be the median = (139+145)/2 = 142 (since no of prices are even)

After computing all these quantities we can see that prices have almost same median and mean but it has a very large variance which suggests that prices varies a lot i.e., there is a great dispersion in the rates .

but data is symmetrical .