Question: Data was collected on the cost ($) for each cookie in a group of eight (8) yummy gourmet cookies. The data points and descriptive statistics

Data was collected on the cost ($) for each cookie in a group of eight (8) yummy gourmet cookies. The data points and descriptive statistics from an Excel statistical application are shown below. (The far left column contains the data points; the far right column reports the corresponding Z scores. The middle columns show common descriptive statistics.)

  1. After Jasmine viewed this data, she said "This data is very symmetrical: the mean and median are virtually the same value." Clearly state why you do or why you don't agree with Jasmine's statement.
  2. Jasmine continues... "I'm a little confused though. Since a symmetrical data set should follow the empirical rule, why doesn't the mean of $0.85 divided by the standard deviation of $0.13 equal an exact 3?" Clearly state a thorough answer to Jasmine's question.
Table: Cost per Gourmet Cookie
Cost per Gourmet Cookie $ (n = 8) Statistics Descriptive Statistics Gourmet Cookie Cost ($) Z Score
1.00 Mean $0.8525 1.00 1.1581
0.94 Standard Error $0.0450 0.94 0.6870
0.87 Median $0.8750 0.87 0.1374
0.88 Mode $#N/A 0.88 0.2159
0.74 Standard Deviation $0.1274 0.74 -0.8833
0.65 Sample Variance $^2 0.0162 0.65 -1.5899
0.75 Kurtosis -1.1968 0.75 -0.8048
0.99 Skewness -0.3964 0.99 1.0796
Range $0.35
Minimum $0.65
Maximum $1
Sum $6.82
Count 8
Coefficient of Variation = 14.94%

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