The article The Wedding Industrys Pricey Little Secret (June 12, 2013, slate.com) stated that the widely reported

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The article “The Wedding Industry’s Pricey Little Secret” (June 12, 2013, slate.com) stated that the widely reported average wedding cost is grossly misleading. The article reports that in 2012, the average wedding cost was $27,427 and the median cost was $18,086. 

a. What does the large difference between the mean cost and the median cost tell you about the distribution of wedding costs in 2012? 

b. Do you agree with the statement that the average wedding cost is misleading? Explain why or why not. 

c. The article also states “the proportion of couples who spent the ‘average’ or more was actually a minority.” Do you agree with this statement? Explain why or why not using the reported values of the mean and median wedding cost.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Introduction To Statistics And Data Analysis

ISBN: 9781337793612

6th Edition

Authors: Roxy Peck, Chris Olsen, Tom Short

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