00:01
Let us start with our solution.
00:01
So we are given that the distribution of individual income is strongly skewed to the right.
00:15
Now what does this mean? this means that there are few individuals with very high income while the majority of the income have, while the majority of the individual have low income.
00:28
The mean, what is mean? so the mean is equal to average, average of all the income while the median, now what is median? median is equal to mid value, that is middle value when the income are arranged in the ascending order.
00:57
So the mean and the median are this.
00:59
Now it is being given that in a right skewed distribution.
01:03
What is right skewed distribution means? this means that the mean is usually the greater while the median is smaller because the very few high income pulls the mean up.
01:17
So the mean is usually higher number.
01:22
For right skewed distribution, the mean is usually greater than median or middle value.
01:38
Why so? because, because the few very high income pull the mean...
