Mathematical Mean

DATA = MODEL + ERROR If the mean rent for a one-bedroom apartment is $2,450 and you find an apartment for $2,250, what is the ERROR?

• $2,450

• $2,250

• -$200

What notation can be used to represent the mean of a sample?

• Both of These Answers

• None of These Answers

The distribution describes lotto ticket probabilities to win different amounts. What is the expected value for this lotto ticket? (Do not include a dollar symbol in answer)

Mathematical Equivalence

ON

Answer explanation

Expected Value is calculated by adding the product each paired outcome and probability

What notation can be used to represent the mean of the population?

• Both of These Answers

• None of These Answers

The annual salaries of the owner and employees of a small business are listed below.

The mean (average) salary of the 5 people is $31,000, and the median salary is $28,000.

What will happen to the mean and median salaries if the owner’s salary increases to

$60,000 and the other salaries remain the same?

• The mean will increase, and the median will stay the same.

• Both the mean and the median will increase

• The mean will increase, and the median will decrease

• Both the mean and the median will stay the same.

• The mean will stay the same, and the median will increase.