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Chapter 1: Q 83. (page 70)

Incomes of college grads According to the Census Bureau, the mean and median 2008 income of people at least 25 years old who had a bachelor鈥檚 degree but no higher degree were \(48,097 and \)60,954 Which of these numbers is the mean and which is the median? Explain your reasoning.

Short Answer

Expert verified

The mean is

x=$60954Median=$48097

Step by step solution

01

Given Information

The median is $ 60,954 while the mean is $48,097.

02

Concept

The total of all observations divided by the number of observations is the observation mean. The median of a distribution organised in ascending order is the midway.

03

Calculation

The majority of those with a bachelor's degree (but no higher) will earn the same amount, while some will earn significantly more.

As a result, the salary distribution will be right-skewed.

We know that the mean is bigger than the median in a right-skewed distribution because the mean is influenced by extremely high incomes while the median is not:

x=$60,954

MEDIAN=$48,097

Therefore, mean is$60,954and median is$48,097

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