(Answered) The average income of american households in 1998 was

Statistics

The "average" income of American households in 1998 was either $38,885 or $51,855, depending on whether we use the mean or median to measure center. We can say that

(a) $38,885 is the mean because income distributions are skewed to the left.

(b) $51,855 is the mean because income distributions are skewed to the left.

(d) $51,855 is the mean because income distributions are skewed to the right.

(e) One of the numbers must be wrong because income distributions are close to symmetric.

View complete question

Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M92641265
Price:- $10

Verified Expert

Priced at $20 Now at $10, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Statistics and Probability

In a management trainee program 80 of the trainees are

In a management trainee program 80% of the trainees are female, 20% male, A total of 90% of the females attended college, while 78% of the males attended college. A management trainee is selected at random. What is the p ...

The weight of the eggs produced by a certain breed of hen

The weight of the eggs produced by a certain breed of hen has an unknown distribution with a mean of 65 grams and a standard deviation of 5 grams. If you purchase 144 eggs, what is the approximate probability that the av ...

A test of the null A test of the null hypothesis H 0 : μ = μ 0 gives test statistic

A test of the null hypothesis H 0 : μ = μ 0 gives test statistic z = -0.58 (Round your answers to four decimal places.) a) What is the P -value if the alternative is H a : μ > μ 0 ? b) What is the P -value ...

How do you solve the following problem consider the

How do you solve the following problem: Consider the experiment of drawing two cards from a deck in which all picture cards have been removed and adding their values with ace = 1. What is the probability of obtaining a t ...

The average price of a television on a certain web site is

The average price of a television on a certain Web site is ?$760. Assume the price of these televisions follows the normal distribution with a standard deviation of ?$190. Complete parts a through d below. What is the pr ...

The mean height of women in a country ages 20-29

The mean height of women in a country? (ages 20-?29) is 63.5 inches. A random sample of 65 women in this age group is selected. What is the probability that the mean height for the sample is greater than 64 ?inches? Assu ...

Can you please assist with this the stock price

Can you please assist with this. The stock price distribution is skewed to the right. The mean is $5 and the standard deviation is $6. At least what proportion of prices is located between 1.5 standard deviations. Hint: ...

In a hypothesis test we use a sample to gain insight on

In a hypothesis test, we use a sample to gain insight on what is likely the outcome for the population. In your example, that is a probability of 1 out of 20 as there were 20 people in the class. A hypothesis test might ...

What are the differences between the federal deficit and

What are the differences between the Federal deficit and Federal Debt? How does a government budget deficit affect the economy, specifically the unemployment rate and job creation? Identify two periods in recent history ...

How does the cost of capital affect capital investments

How does the cost of capital affect capital investments that the firm makes? Cite examples.

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Statistics and Probability Expert