This is a probably that I have to try to ponder over the weekend for my stats class. I've tried to look it over, but the answer is unclear to me. I'd much appreciate any info that can hint me in the right direction. Thanks!
A real estate agent in a suburb named Harmony is trying to impres a potential customer w/ the high income level in the suburb. He quotes that the estimated mean family income is 50K/year. This statement is perfectly true. The Mayor of Harmoney is trying to impress the state government with the low income level of the suburb (and hence, with its need for aid). She quotes that the estimated mean family income as 24K/year. This statement is also perfectly true. Both are right.
Can you figure out how it is possible?
Hint: The income distribution is highy skewed to the right. IN particular, 4% of the residents earn about 800K/year and the rest earn between 20K to 30K/year.
Thanks for reading!
A real estate agent in a suburb named Harmony is trying to impres a potential customer w/ the high income level in the suburb. He quotes that the estimated mean family income is 50K/year. This statement is perfectly true. The Mayor of Harmoney is trying to impress the state government with the low income level of the suburb (and hence, with its need for aid). She quotes that the estimated mean family income as 24K/year. This statement is also perfectly true. Both are right.
Can you figure out how it is possible?
Hint: The income distribution is highy skewed to the right. IN particular, 4% of the residents earn about 800K/year and the rest earn between 20K to 30K/year.
Thanks for reading!
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