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    Statistics - Effect of change on mean and median

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    Please help with the following problems. Provide a detailed explanation for each question.

    a. The firm in question 4 gives no raises to the clerks and junior accountants, while the owner's take increases to $455,000. How does this change affect the mean? How does it affect the median?

    b. A discussion of extreme weather reports that: "In most states, hurricanes occur infrequently. Yet, when a hurricane hits, the losses can be catastrophic. Average annual losses are not a meaningful measure of damage from rare but potentially catastrophic events," Why is this true?

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    https://brainmass.com/statistics/descriptive-statistics/statistics-effect-change-mean-median-234924

    Solution Preview

    a. The firm in question 4 gives no raises to the clerks and junior accountants, while the owner's take increases to $455,000. How does this change affect the mean? How does it affect the median?

    The new mean = (5 * 25000 + 2 * 60000 + 1 * 455000)/(5 + 2 + 1) = $87500

    The ...

    Solution Summary

    This posting involves descriptive statistics. A Complete, Neat and Step-by-step Solution is provided on questions regarding the effect of change on mean and median.

    $2.19

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