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Chapter 3: Q 3.8 . (page 101)

Net worth: The board of Governors of the Federal Reserve system publishes information on family net worth in the survey of consumers fiances. In2012the mean net worth of the families in the united state wasrole="math" localid="1650792936700" \(498.8thousand and the median net worth wasrole="math" localid="1650792957167" \)77.3thousand. Which measure of center do you think is more appropriate? Justify your answer.

Short Answer

Expert verified

The median is more appropriate as a measure of center when compared to the mean.

Step by step solution

01

Step 1. Given information. 

Net worth: The board of Governors of the Federal Reserve system publishes information on family net worth in the survey of consumers fiances. In2012the mean net worth of the families in the united state was $498.8thousand and the median net worth was$77.3 thousand.

02

Step 2. Which measure of center do you think is more appropriate? Justify your answer.  

When compared to the mean, the median is a better measure of centre..

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Most popular questions from this chapter

Simple data sets have been given for you to try locating the descriptive metrics mentioned in this section. For each data set separately.

(a) Calculate the quartiles,

(b) calculate the interquartile range

(c)compile a five-number summary.

1,2,3,4,5,6,1,2,3,4,5,6

We have provided simple data set for you to practices the basics of finding measures of center. For each data set determine the:

a) Mean

b)Median

c) Mode.

The given data set is:1,9,8,4,3.

A quantitative data set of size150has mean 35 and standard deviation4. At least how many observations lie between 23and 47?

When are the adjacent values just the minimum and maximum observation?

The data set has mean 30and standard deviation4 . Approximately what percentage of the observations lie between 22and 38?
See all solutions

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