The monthly rents for the apartments in a building are listed below. $425, $550, $550, $550, $650, $650, $650, $650, $800, $900

Question

Part A: Find the mean, median, mode, range, and standard deviation of the rents.

Part B: The apartment manager considers raising the rent for every apartment by $50. Find the mean, median, mode, range, and standard deviation of the rents after they are raised by $50. Explain your reasoning.

Part C: The apartment manager then decides to raise the rent for every apartment by 10% instead of raising each rent by $50. Find the mean, median, mode, range, and standard deviation of the rents after they are raised by 10%. Compare these with the values calculated in Part B. Explain any differences.

Answer 1

Range = highest value - lowest

Mode = most frequently occurring score

Median = 50th percentile. Half of the scores have a higher value and half are lower.

Mean = sum of scores/number of scores

Subtract each of the scores from the mean and square each difference. Find the sum of these squares. Divide that by the number of scores to get variance.

Standard deviation = square root of variance

I'll let you do the calculations.

Answer 2

Range = highest value - lowest=$475

Mode = most frequently occurring score=$650

Median = 50th percentile. Half of the scores have a higher value and half are lower=$650

Mean = sum of scores/number of scores=$637.50