Question

a Assigned Media Question Hep o The mean and the median are oosely rated concepts The median is the numerical vale separating the higher hait of your data trom the lower hait You can ind the median ty arranging at of the osvosrorm owest value to highest value and picking the middl vale (assuming you have an oos mumber of obsevations) Although the mean and median ane closety relaed, the difference between the mean and the median is somenmes of interest Suppose couny A has five famles Ther incomes ace $10.000 21,000 529,000 540.000 and 50.000 Country A's medan ncome is ssoco ana as mean ound your eonses to the nees oa

Answer 1

Ans: Mean income is $30,000

Explanation:

Observations ( X ) = $10,000 , $21,000 , $29,000 , $40,000 and $50,000

We can use direct method to calculate mean.

$\bar{X}$ = $\sum X$ / N ( Where , $\bar{X}$ = mean , N = Total number of observation )

= ( $10,000 + $21,000 + $29,000 + $40,000 + $50,000 ) / 5

= $150000 / 5

= $30,000