The mean and the median are closely related concepts. The median is the numerical value separating the higher half of your data from the lower half. You can find the median by arranging all of the observations from lowest value to highest value and picking the middle value? (assuming you have an odd number of? observations). Although the mean and median are closely? related, the difference between the mean and the median is sometimes of interest.
Suppose country A has five families. Their incomes are ?$10 comma 00010,000?, ?$20 comma 00020,000?, ?$30 comma 00030,000?, ?$41 comma 00041,000?, and ?$49 comma 00049,000. Country? A's median income is ?$ 3000030000?, and its mean income is ?$ 3000030000.?(Round your responses to the nearest dollar.?) Suppose country B also has five families. Their incomes are ?$10 comma 00010,000?,?$20 comma 00020,000?, ?$30 comma 00030,000?, ?$41 comma 00041,000?, and ?$149 comma 000149,000. Country? B's median income is ?$ 3000030000?, and its mean income is ?$ nothing. ?(Round your responses to the nearest dollar.?)
Answer:
Country A:
Data; 10000; 20000; 30000; 41000; 49000
Number of items = 5
Median = (n + 1)/2 = (5 + 1)/2 = 6/2 = 3rd term
Median = 30,000
Mean = Sum of observations / No. of observations = (10000 + 20000 + 30000 + 41000 + 49000)/5
= 150,000/5 = 30,000
Country B:
Data: 10000; 20000; 30000; 41000; 149000
Median = (5 + 1)/2 = 6/2 = 3rd term = 30000
Mean = (10000 + 20000 + 30000 + 41000 + 149000)/5 = 250,000/5 = 50,000
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