The average median and mode price is $18. Option C is correct.
Given that certain item is available at 7 stores, three stores sell them for $20, two stores sell them for $15, one store sells them for $13, and one sells them for $16.
The mean is the average of the given numbers and is calculated by dividing the sum of the given numbers by the total number of numbers.
Firstly, we will find the median of the given items by arranging the given numbers in ascending order, we get
13,15,15,16,20,20,20
To find the median use the formula (n+1)/2, where n is the number of values in your dataset.
(7+1)/2=8/2=4
In the ascending order numbers 4th term is 16.
So, median is 16
Mode is the highest repeating term in the set or numbers.
So, here mode is 20
Now, we will calculate the average of median and mode, we get
Average=(median +mode)/2
Average=(16+20)/2
Average=18
Hence, the average (arithmetic mean) of the median price and the mode price where certain item is available at 7 stores, three stores sell it for $20, two stores sell it for $15, one store sells it for $13, and one sells it for $16 is $18.
Learn more about mean from here brainly.com/question/10704037
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