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.​)

Answer 1

Answer:

For the Country B, the Median is also $30,000, and the Mean is $50,000

Explanation:

We first arrange the information in this way:

Country B

Family                  Income

Family 1               $10,000

Family 2              $20,000

Family 3              $30,000

Family 4              $41,000

Family 5              $149,000

The median is exactly the number that is in the middle of the table, in this case, $30,000, corresponding to the income of the Family 3.

The mean is obtained by adding up all the numbers, and dividing the result by the quantity of elements:

Mean = $10,000 + $20,000 + $30,000 + $41,000 + $149,000

         = $250,000 / 5

         = $50,000