Question
Suppose a hypothetical economy consists of 20 workers who have the following annual earnings: $18,000, $9,000, $82,000, $12,000, $13,000, $76,000, $61,000, $14,000, $22,000, $23,000, $21,000,
Suppose a hypothetical economy consists of 20 workers who have the following annual earnings: $18,000, $9,000, $82,000, $12,000, $13,000, $76,000, $61,000, $14,000, $22,000, $23,000, $21,000, $46,000, $59,000, $26,000, $27,000, $37,000, $6,000, $41,000, $3,000, and $24,000.
a. Using annual earnings ranges of $10,000 ($0-$10,000, $10,000-$20,000, and so on), construct a histogram of this economy's distribution of personal earnings.
b. What is the mode of the histogram?
c. What is the average (mean) level of earnings?
d. What is the median level of earnings?
e. Is the distribution normal, skewed leftward, or skewed rightward?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started