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Numerade Educator

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Problem 83 Medium Difficulty

Incomes of college grads According to the Census Bureau, the mean and median 2008 income of people at least 25 years old who had a bachelor's degree but no higher degree were $\$ 48,097$ and $\$ 60,954$ . Which of these numbers is the mean andwhich is the median? Explain your reasoning.

Answer

$\overline{x}=\$ 60,954$
$M E D I A N=\$ 48,097$

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Video Transcript

in order to estimate which is bigger, the mean or the median. We have to know the shape off the letter distribution, but we know that for tradition fees, home prices or personal incomes, all these variables have right skewed distribution. Like this distribution. This means that the median Loy's here and the mean Loy's here, which indicates that I mean is greater than median.