CHAPTER 2 EXERCISES Incomes of college grads. The Census Bureau reports that the
ID: 3302450 • Letter: C
Question
CHAPTER 2 EXERCISES Incomes of college grads. The Census Bureau reports that the mean and median income of people at least 25 years old who had a bacheloe's degree but no higher degree were $42,087 and $53,581 in 2004. Which of these numbers is the mean and which is the median! Explain your reasoning Assets of young houscholds. A report on the assets of American houscholds says that the median net worth of households headed by someone younger than ge 35 is $11,600. The mean net worth of these same young households is 2.23 2.24Explanation / Answer
a. either can be mean or median. It depends on the skew of the data distribution
If the the data is right skew mean > median
If the the data is left skew mean < median
b.Here mean > than the median hence the data is right skew.