Statistic Name |
Value |
Mean |
1548.57 |
Median |
1553.64 |
Variance |
1286.75 |
Standard Deviation |
35.87 |
Please walk me through the above 2 questions. Thank you!! :)
As provided in the question,
Mean |
1548.57 |
Median |
1553.64 |
Variance |
1286.75 |
Standard Deviation |
35.87 |
The Mean of the distribution is a little less than Median, i.e. the distribution is Negatively skewed or Left-Skewed. Also, using the given data, we can approximately compute the skewness by:
i.e.
, which supports our claim of the distribution being Left -Skewed.
Usually, Median is the middlemost value of a distribution.So, Median could be the best measure of central tendency, but given the negative skewness prominent in the distribution ,we can also take Mean to be the best representative as center of the distribution.
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