From the course: Everyday Statistics, with Eddie Davila

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The middle of my data

The middle of my data

From the course: Everyday Statistics, with Eddie Davila

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The middle of my data

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- [Narrator] Today, let's a play a game of chance. Suppose I have four different short stacks of money, 21 bills in each stack. Each stack has bills in different denominations, one, five, 10, 20, 50 and $100 bills. Each stack of bills has at least one of each bill. I'm going to let you choose any of the four stacks, each with 21 individual bills in the stack, and you'll get three bills at random from the stack you choose. To help you decide which stack to choose, I'll tell you the average or mean value of the bills in each stack. Based on this, you might choose stack number one. Suppose I don't give you the means, instead I give you the median values of the bills in the stack, the value of the middle bill, the 11th highest value in the stack. Among these 21 bills, the $5 bill is the median bill. Here are the median values for each stack. This means 10 of the bills in stack number two are equal to or below $20, and the…

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