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Your professor has invited a billionaire to join our online discussion of statistics (and he or she has accepted because statistics is so much more
Your professor has invited a billionaire to join our online discussion of statistics (and he or she has accepted because statistics is so much more fun that anything else a billionaire might do). We decide to do some statistics on net worth, in order to better understand the financial condition of those attending the online discussion. Which of the following statements regarding our choice of statistics would be correct? The mean bests represents the financial condition of all those attending The mean would be skewed by the inclusion of a billionaire, but the median would also be similarly skewed, and since means are more representative we should choose the mean. The median would be best since the mean will be skewed by including one observation that is orders of magnitude higher than all the others The median is best because the midpoint is always more informative that the mean
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