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Example1

Title: Statistics

Grade Lesson s6-p2

Explanation: The best way to understand PSAT-4 is by looking at some examples. Take turns and read each example for easy understanding.

Examples

Topics → Definition Example1 Example2

Applying the IQR Method to Identify Outliers in Concert Ticket Prices.
Concert ticket prices: 75, 60, 80, 90, 65, 70, 85, 95, 70, and 100.

Step: 1

75, 60, 80, 90, 65, 70, 85, 95, 70, and 100.

Q1 (First Quartile) = 70
Q3 (Third Quartile) = 90
IQR = Q3 − Q1 = 90 − 70 = 20.

Lower Bound = Q1 − 1.5 \$\times\$ IQR
= 70 − 1.5 \$\times\$ 20
= 70 − 30
= 40

Upper Bound = Q3 + 1.5 \$\times\$ IQR
= 90 + 1.5 \$\times\$ 20
= 90 + 30
= 120

Explanation:

Here, we find Lower bound and Upper bound and IQR.

Step: 2

Any data point below 40 or above 120 is considered an outlier.

In this dataset, all data points are within the bounds of 40 and 120. There are no outliers in the given concert ticket prices using the IQR method, as all prices fall within the range of 40 to 120 dollars.

Explanation:

Here, we identify outliers. There are no outliers in the given data.