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Using the data set that you identified in the attachment labeled Forum 1-Vehicle, use Excel to find the following descriptive statistics for the price data.
Use these summary statistics to make two conclusions or observations about the typical vehicle in the sample. One conclusion must relate to the measure of center (mean/median) and one to the variability (standard deviation) of the vehicles.
Next, add an 11th vehicle to the data set. Choose a “supercar” that costs at least $1 million. Recalculate the summary statistics to include this vehicle.
Which summary statistics were affected the most by the addition of this outlier? How were they changed, and were you surprised by the results? I encourage you to review the attached document labeled descriptive statistics PDF. This will give you a step by step example on how to calculate these values using Excel. I DO NOT recommend doing this by hand. Let Excel do the heavy lifting for you.
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