Question

What is the mean absolute deviation of the prices $16, $20, $15, $11, and $13?

Answer 1

`$2.40`

Explanation:

Sum of `$16+$20+$15+$11+$13 = $75`

Average: `($75)/5=$15`

Absolute Deviations: `{abs($16-15),abs($20-15),abs($15-15),abs($11-15),abs($13-15)}`
`color(white)("XXX")={$1,$5,$0,$4,$2}`

Sum of Absolute Deviations: `$1+$5+$0+$4+$2=$12`

Average (Mean) Absolute Deviation: `($12)/5=$2.40`