A mean is an arithmetic average of a set of observations. The sales on the last day should be $1,122.
A mean is an arithmetic average of a set of observations. it is given by the formula,
Mean = (Sum of observations)/Number of observations
Part A: The study that will have a larger variance is Study II.
Part B: Since the temperature in the city highly varies due to the change in the seasons, which means the temperature will be freezing in the winter, while it will be hot in the summer, as a result, it can be concluded that the data of the second study will have larger variance.
Part C: Let the sales in the last day be x, therefore,
Mean = (Sum of observations)/Number of observations
$700 = ($389 + $467 + $517 + $930 + $215 + $1,260 + x)/7
$4900= $3778 + x
x = $1,122
Hence, the sales on the last day should be $1,122.
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