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What is the average income of the households in Mexico? What is the standard deviation of the income? What is the meaning of this value?
- What is the average income of the households in Mexico?
- What is the standard deviation of the income? What is the meaning of this value?
The standard deviation tells us how spread out our data is. In this case, it signifies how spread-out income distribution is. The more spread out the income, the. It's a value that indicates spread around the mean value. A higher standard deviation value means more variation around the mean.
You can apply the ergodic principle because there is no trend, for skewed distributions or data sets with outliers, the interquartile range is the best measure.
- How much money does household use in their food consumption on average?
- What is the percentage of income spent in food outside the house and the tobacco in average?
- Considering the values in question 4, which good of consumption has the greater deviation?
Extra:
- What is the average income of households lead by males and females? Does the difference seems significative to you?
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