Listed below in order are prices in dollars for a Big Mac hamburger in the 

United StatesUnited States​, 

CanadaCanada​, 

MexicoMexico​, 

ChinaChina​, 

JapanJapan​, 

RussiaRussia​, 

SwitzerlandSwitzerland​, 

ItalyItaly​, 

SpainSpain​, 

BritainBritain​, 

IndiaIndia​, 

and 

EgyptEgypt. 

Such data are used to compare currency exchange rates and the costs of goods in different countries. Find the​ range, variance, and standard deviation for the given sample data. What do the measures of variation tell us about the prices of a Big Mac in different​ countries?

5.275.27

5.275.27

2.552.55

3.213.21

3.383.38

2.302.30

6.776.77

5.095.09

4.764.76

4.414.41

2.812.81

1.891.89
 
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Part 1

The range is 

enter your response here 

▼
 
dollars.dollars.

dollars squared .dollars2.

​(Type an integer or decimal rounded to two decimal places as​ needed.)

The range of the Big Mac prices is \( 4.88 \) dollars.

The variance is approximately \( 2.24 \) dollars squared.

The standard deviation is approximately \( 1.50 \) dollars.

### Interpretation of the Measures of Variation:
The range indicates that the difference between the highest and lowest prices of a Big Mac is \( 4.88 \) dollars, which shows significant variation in prices across countries. The standard deviation of \( 1.50 \) dollars further emphasizes that there is considerable fluctuation around the average price, indicating that Big Mac prices vary widely from country to country.

Would you like more details or have any questions?

Here are 5 questions that explore related topics:
1. How does the cost of living affect Big Mac prices across countries?
2. Why is the standard deviation important for understanding price variation?
3. Can exchange rates explain some of the variance in Big Mac prices?
4. How does purchasing power parity relate to Big Mac pricing?
5. What factors other than currency might contribute to Big Mac price differences?

**Tip:** Range shows the absolute spread of data, but standard deviation gives insight into how much data points vary from the mean.

Listed below in order are prices in dollars for a Big Mac hamburger in the United States, Canada, Mexico, China, Japan, Russia, Switzerland, Italy, Spain, Britain, India, and Egypt. Such data are used to compare currency exchange rates and the costs of goods in different countries. Find the range, variance, and standard deviation for the given sample data. What do the measures of variation tell us about the prices of a Big Mac in different countries? 5.27, 5.27, 2.55, 3.21, 3.38, 2.30, 6.77, 5.09, 4.76, 4.41, 2.81, 1.89

This problem explores Big Mac prices from 12 different countries, calculating key statistical measures such as the range, variance, and standard deviation. Learn how these measures provide insights into price variations and what they tell us about the cost of a Big Mac across countries. Suitable for Grades 10-12.

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