Discuss the below:
Estimate mean and standard deviation
Q: Advertising expenses are significant component of the cost of goods sold. Listed below is a frequency distribution showing the advertising expenditures for 60 manufacturing companies located in the Southwest. Estimate the mean and the standard deviation of advertising expense
|
Advertising Expenditure
($ millions)
|
Number of Companies
|
|
25 up to 35
|
5
|
|
35 up to 45
|
10
|
|
45 up to 55
|
21
|
|
55 up to 65
|
16
|
|
65 up to 75
|
8
|
|
Total
|
60
|