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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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