Amazon.com€™s prices (in dollars) of new hardcover and paperback elementary statistics textbooks on May 18, 2014, are described by the boxplots in Fig. 113.

a. Which has a larger median, the paperback prices or the hardcover prices? What does that mean in this situation?
b. Which has the larger range, the paperback prices or the hardcover prices? What does that mean in this situation?
c. Which has the larger IQR, the paperback prices or the hardcover prices? What does that mean in this situation?
d. Even though the range of hardcover prices is greater than the range of paperback prices, it turns out that the standard deviation of hardcover prices is less than the standard deviation of paperback prices. How is this possible?
e. From inspecting the boxplots, a student concludes that the range of hardcover prices is greater than the range of paperback prices for all elementary statistics textbooks. What would you tell the student?

Transcribed Image Text:

Prices Paperback 2 Hardcover 50 100 200 150 Dollars 250