Taxi fares: Mean = $22, SD = $8 Min = $4, Q1 = $15, Mdn = $24, Q3 = $29, Max = $

Question

Taxi fares:
Mean = $22, SD = $8
Min = $4, Q1 = $15, Mdn = $24, Q3 = $29, Max = $32
a. What does the SD tell you about how the fares are concentrated? Please explain your answer.

1.Most of the fares are between $14 and $30

2.Most of the fares are between $16 and $32

3.Most of the fares are between $15 and $29

4.None of the above

b. Which of the following is a true statement about the taxi fares? Please explain your answer.

1.50% of the fares are between $15 and $29

2.25% of the fares are between $4 and $15

3.25% of the fares are between $29 and $32

4.All of the above

Explanation / Answer

(a) SD tell us that

1.Most of the fares are between $14 and $30

Since it lies between 1 statndard deviation i.e. 68% of data lie between this interval.

(b) Which of the following is a true statement about the taxi fares?

1.50% of the fares are between $15 and $29

Here we have Q1- first quartile(25%) is $15 and Q2-third quartile is $29(75%)

i.e. 50% of the fares are between $15 and $29 lies between first and third quartile.

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