The Kentucky Derby is held the first Saturday in May at Churchill Downs in Louisville, Kentucky. The race track is one and onequarter miles. The following table shows the winners since 1990, their margin of victory, the winning time, and the payoff on a $2 bet.
a. Determine the mean and median for the variables winning time and payoff on a $2 bet.
b. Determine the range and standard deviation of 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 mostappropriate?
Solution:
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