The following data on sale price, size, and land-to-building ratio for 10 large industrial properties appeared in a paper. Property Sale Price (millions of dollars) Size (thousands of sq. ft.) Land-to- Building Ratio 1 10.6 2167 2.1 2 2.7 752 3.5 3 30.4 2423 3.7 4 1.8 223 4.7 5 20.0 3918 1.6 6 7.9 2867 2.4 7 10.2 1699 3.2 8 6.6 1046 4.8 9 5.8 1108 7.7 10 4.4 405 17.3 (a) Calculate the value of the correlation coefficient between sale price and size. (Give the answer to three decimal places.) r

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solution:

as, mean is defined as sum of all the observations divided by total number of observations.

and , median is mid value of the data whether arranged in ascending order or descending order.

consider, roadsters:

2,3,4,5,6,7,8,9

mean =

also, median= , because number of observations is even, so median is mean of two mid values.

now, coming to bandits

2,3,4,5,6

mean =  

median = 4, as number of observations is odd.

so, roadsters has greater median as well mean than bandits.

→option a is true about the repairs performed on 2 types of cars:

bandits have lower median and mean than roadsters.