Draw a Box Plot for this data. (Hint: Remember how to determine and showoutliers in a box plot. See Fig. 4.3.3 on p. 184 in the textbook for an example.)Hints:•••The box extends from Q1 to Q3Draw a line through the box at the medianUse the IQR method to determine outliersOutliers are any values○less than Q1 (1.5 x IQR)or○ greater than Q3 + (1.5 x IQR)Showany outliers with *Draw a whisker from the left side of the box to the lowest value that isNOT an outlierDraw a whisker from the right side of the box to the highest value that isNOT and outlier 23Lunch Spending ($) = x;281011558606710618Z-Scores

Box Plot Of Lunch Spending Data1. Sort the dataThe given data for lunch spending…

Answered: Draw a Box Plot for this data. (Hint:…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 4RQ: Exercise A4 Why is a bar chart the best way illustrate comparisons?

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A family has 15 members and has the following income data. $52,000, $22,000, $92,000, $8,000, $118,000, $62,000, $38,000, $14,000, $132,000, $46,000, $26,000, $96,000, $54,000, $110,000, $80,000 Answer the following questions. Show computations whenever possible. 1. Calculate the percent share of income for each quintile, from the lowest to the highest quintile. 2. 3. ( ) Calculate the cumulative share of income of this family group. What would you say about the income gap and incomes distribution of the family members? 4. Going back to the real world income distribution, other than the progressive tax system, which one of the income redistribution program do you think is the most effective method in helping the near-poor, and why?
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