Answered: Title Net Worth According to the…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Net Worth According to the Statistical Abstract of the United States, the mean net worth of all h

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Net Worth According to the Statistical Abstract of the United States, the mean net worth of all households in the United States in 2007 was $556,300, while the median net worth was $120,300.

(a) Which measure do you believe better describes the typical U.S. household’s net worth? Support your opinion.

(b) What shape would you expect the distribution of net worth to have? Why?

Definition Definition Middle value of a data set. The median divides a data set into two halves, and it also called the 50th percentile. The median is much less affected by outliers and skewed data than the mean. If the number of elements in a dataset is odd, then the middlemost element of the data arranged in ascending or descending order is the median. If the number of elements in the dataset is even, the average of the two central elements of the arranged data is the median of the set. For example, if a dataset has five items—12, 13, 21, 27, 31—the median is the third item in ascending order, or 21. If a dataset has six items—12, 13, 21, 27, 31, 33—the median is the average of the third (21) and fourth (27) items. It is calculated as follows: (21 + 27) / 2 = 24.

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