An economist wants to find the mean annual income for all adults in the United States. She
Question:
An economist wants to find the mean annual income for all adults in the United States. She knows that it is not practical to survey each member of the adult population, so she refers to an almanac and finds the mean income listed for each of the 50 states. She adds the 50 state means and divides by 50. Is the result the mean income for the United States? Why or why not?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
No the result obtained by averaging the mean incomes of the 50 states is not necessarily ...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
2+ Reviews
10+ Question Solved
Related Book For 
Statistical Reasoning For Everyday Life
ISBN: 9780321904645
4th International Edition
Authors: Jeffrey Bennett, William L. Briggs, Mario F. Triola
Question Posted:
