the median and modal profits for the following data
profit in 000 rs. below 5 below 10 below 15 below 20 below 25 below 30
no. of firms 10 25 45 55 62 65
answer:
i) 11.60 and 11.50
ii) 11556 and 11267
iii) 11875 and 11667
iv) 11.50 and 11.67
Minakshi Sharma (student) (79 Points)
26 May 2010the median and modal profits for the following data
profit in 000 rs. below 5 below 10 below 15 below 20 below 25 below 30
no. of firms 10 25 45 55 62 65
answer:
i) 11.60 and 11.50
ii) 11556 and 11267
iii) 11875 and 11667
iv) 11.50 and 11.67
Rajesh Jogani
(CA)
(60 Points)
Replied 27 May 2010
First convert the cumulative less than type frequency distribution into a simple continuous frequency distribution as follows
0 - 5 : 10, 5 - 10 : 15, 10 - 15 : 20, 15 -20 : 10, 20 - 25 : 7, 25 - 30 : 7
Then calculate the median class which is 10 - 15, then apply the formula of median based on interpolation as given below :
Md = L + (N/2 - C.F.) / F x i = 11.875 ( in thousands)
Mo = L + (F1 - F0) / (2F1 - F0 - F2) x i = 11.666 ( in thousands)
Hence option iii is correct