ECO250, fall 2017 Unit 3 In-Class Exercise You're thinking about opening up a restaurant in your neighborhood but before you do so, you decide to do a little research to figure out what your potential market looks like. You randomly select 10 individuals in your neighborhood and ask them how many people live in their household (household size) and how often they dine out each month (restaurant visits). The data you collected is given in the table below. Observation Household size Restaurant visits 1 2 3 4 5 6 7 8 9 10 Answer the following questions. 3 4 2 3 2 5 4 4 5 3 2 1 8 4 3 4 1 6 10 3 1. Briefly explain (in words) what the median is. The Mean is the average of a group of numbers. To find the mean of your test scores, for example, you can add all your scores and then divide the answer by the number of tests you took. 2. Calculate the sample median of household size and restaurant visits. 3. Calculate the sample mean of household size and restaurant visits. 4. Based on your answers to questions 2 and 3, provide a rough sketch of what the histograms of household size and restaurant visits would look like (you don't have to calculate the frequency distributions). Explain any differences between the two histograms. 5. Calculate the sample variance of household size and restaurant visits. 6. Suppose that after checking your data, you find that the value of restaurant visits for observation 9 was incorrect. The correct number of restaurant visits for that person is 6. Without doing any calculations, explain how the mean, median and variance of restaurant visits would change if you used the correct measurement instead