Question 1: Consider the following four data sets of 4 observations each:
Set 1: 1010, 1011, 1012, 1013
Set 2: 11, 10, 9, 8
Set 3: 5, 7, 9, 11
Set 4: 9, 10, 7, 8
Which data set has the largest standard deviation?
Question 2: A set of 20 data values has a median and mean of $1425, and ranges from a minimum value of $987 to a maximum value of $1945. Later we discover that the $1945 value was mis-recorded and should have been $2945.
(a) Find the corrected value for the median.
(b) Find the corrected value for the mean.