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Saad225

mmdfl
How to do the question 3 quickly?
­Maybe count the number of values above 2000 and below;

for one: you have only 2 values above 2000
for the other 50% of the values are above;

--> that must help going faster I think
but why 2000 thou? The problem with question 3, regarding time consumption, is the fact that we need to calculate the average value of two different categories.­
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Official Explanation

Statement 1: Fifteen of the 16 pieces sold. The eighth highest sale price is the median of the set of sale prices. This price is $1800.

Answer: No

Statement 2: The probability that a piece by Masterson sold for more than $2000 is 33%, but that’s not what the question is asking. Five pieces in total sold for more than $2000, and two of them were by Masterson, so the probability is 2 out of 5, or 40%.

Answer: No

Statement 3: This will take some doing, since there’s no neat way to sort the table in order to get all the canvas and paper works grouped neatly together. It is also not easy to eyeball the table and judge whether paper or canvas works had a higher average sale price so you should calculate the actual averages. Sorting by material helps a little. Six pieces were on canvas. Their average sale price was:

\(\frac{1400+1700+1900+2500+2100+2300}{6}=1983.33$\)

Answer: Yes
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Similar to what someone asked above, how do we do the 3rd part quickly?
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Robo_123
Similar to what someone asked above, how do we do the 3rd part quickly?
The averages for works on canvas and on paper come out pretty close to each other (1980 and 1840), so here you need to actually calculate the averages and compare.
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