Each year the faculty at Metro Business College chooses 10 members from the current graduating class that

Question:

Each year the faculty at Metro Business College chooses 10 members from the current graduating class that they feel are most likely to succeed. The data below give the current annual incomes (in thousands of dollars) of the 10 members of the class of 2004 who were voted most likely to succeed.

a. Calculate the mean and median.
b. Does this data set contain any outlier(s)? If yes, drop the outlier(s) and recalculate the mean and median. Which of these measures changes by a greater amount when you drop the outlier(s)?
c. Is the mean or the median a better summary measure for these data? Explain.