The mean and the median are closely related concepts. The median is the numerica

Question

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.)

Explanation / 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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