a) Yes, there are outliers in the data set. The outlier is the price of 130.5 in June 2008, which is significantly higher than the other values in the data set.
b) Mean:
(80.3 + 102 + 97 + 130.5 + 71 + 86 + 86 + 87.5 + 96.2 + 124 + 98) / 11 = 96.59
Median:
Arranging the prices in ascending order:
71, 80.3, 86, 86, 87.5, 96.2, 97, 98, 102, 124, 130.5
Median = 96.2
Mode:
The mode is the value that appears most frequently in the data set. In this case, there is no mode as each price appears only once.
c) In this case, the median gives the best measure of central tendency. This is because the data set contains an outlier (130.5), which significantly affects the mean. The median, being the middle value when the data is arranged in order, is not affected by outliers and provides a more representative measure of central tendency in this scenario.