Purchase Solution

Statistics - Measure of Center

Not what you're looking for?

Ask Custom Question

Please help with the following problems. Provide step by step calculations.

a. A report on the assets of American households says that the median net worth of households headed by someone aged less than 35 years is $11,600. The mean net worth of these same young households is $90,700. What explains the difference between these two measures of center?

b. A small accounting firm pays each of its five clerks $25,000, two junior accountants $60,000, and the firm's owner $255,000. What is the mean salary paid at this firm? How many of the employees earn less than the mean? What is the median salary?

Purchase this Solution
Solution Summary

A Complete, Neat and Step-by-step Solution is provided for questions involves measure of center, mean and median.

Solution Preview

(a) A report on the assets of American households says that the median net worth of households headed by someone aged less than 35 years is $11,600. The mean net worth of these same young households is $90,700. What explains the difference between these two measures of center?

The median net worth of $11600 ...

Purchase this Solution
Free BrainMass Quizzes
Measures of Central Tendency

Tests knowledge of the three main measures of central tendency, including some simple calculation questions.

Terms and Definitions for Statistics

This quiz covers basic terms and definitions of statistics.

Measures of Central Tendency

This quiz evaluates the students understanding of the measures of central tendency seen in statistics. This quiz is specifically designed to incorporate the measures of central tendency as they relate to psychological research.

Know Your Statistical Concepts

Each question is a choice-summary multiple choice question that presents you with a statistical concept and then 4 numbered statements. You must decide which (if any) of the numbered statements is/are true as they relate to the statistical concept.

View More Free Quizzes
Related BrainMass Solutions

  • Difference in Descriptive and Inferential Statistics

    When is the median the best measure? Give some examples of applications to back up your thoughts. Descriptive statistics describe the basic data in a study. They provide summary of sample and measure.

  • Measure of Central Tendency

    An adequate summary of a set of data requires both a measure of center and a measure of variability. Just as with the center, there are several options for measuring variability.

  • Process Evaluation Paper

    Outcome Measure - based on the evaluative measure, the outcome measure should present the implications of the importance of C&E programs into the overall concerns of the center including awareness creation and client conversion.

  • Define Complementary and Alternative Medicine (CAM)

    Hyattsville, MD: National Center for Health Statistics. 2009. (200KB PDF) This article discusses the amount spent on CAM in 2007.

  • Variation in Population Sampling

    *The most common measure of the center value of a set of data is the sample mean? --> True: Most common measure for center value is sample mean. *The mean and the median are possible point estimators but the mode is not?

  • Statistics - error and confidence

    79529 Statistics - Error and Confidence The National Quality Research Center at the University of Michigan provides a quarterly measure of consumer opinions about products and services (The Wall Street Journal, February 18, 2003).

  • Measures of Central Tendency and variability

    Central tendency (also known as centrality) is a measure of the location of the center of the distribution. In other words, it is a value of the data set that best represents the middle.

  • Real life examples that include the mode, median, and the mean

    385723 Real life examples that include the mode, median, and the mean - Think about how statistics often is concerned with estimating the center of a distribution by using the mean, median, and sometimes the mode.

  • Normal and Curved Distributions

    As a statistical measure, the center of the curve represents the mean, mode and median with a plus or minus standard deviation from the center. This is often used as one test in statistics to make inferences or generalizations about populations.

View More Related Solutions