The Kentucky Derby is held the first Saturday in May at Chur

The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and one-quarter miles. The data file “Kentucky Derby” contains information on the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet. Using the data, answer the following questions. Note: You should copy this data into the file that you plan to submit to the Course Den dropbox. Only one Excel can be submitted to Course Den. a) Determine the mean and median for the variables winning time and payoff on a $2 bet. b) Determine the range and standard deviation on the variables winning time and payoff on a $2 bet. c) Refer to the variable winning margin. What is the level of measurement? What measure of location would be most appropriate?

PLEASE HELP ME DO THIS IN EXCEL?

12.8

Solution

To calculate mean, median and standard deviation and range following formulae are used in excel.

Mean : =Average( DATA)

Median: =Median(DATA)

SD: =stdev.p(DATA) or stdev.s(DATA)

Range = Max(DATA) - Min(DATA)

Select the suitable data for each variable and iht enter.

Solution for part a and b are:

c)

Winning margin lengths give the time between the first and the second horse crossing the line.

Thus, it is a Ratio scale level of measurement as it has a property to be arranged in order and also a zero point.

The most appropriate measure of central tendency would be : Median as it is not affected by the extreme values. However, Mean or the avergae value of differences would also work just fine.

Hope this helps. Ask if you have any doubts.