The Federal Reserve Survey of Consumer Finances reported that median household net worth was $91,700 and mean household net worth was $421,500 in 2001. Explain how it is possible for the median net worth to rise 5% from 2001 to 2009 (see the prior question) but mean net worth to rise by 14%.
Answer to relevant QuestionsThis histogram shows the price in dollars of 218 used cars. (a) Suppose we converted the prices of these cars from dollars to euros, with an exchange rate of 1.2 dollars per euro. Describe the histogram of the prices if ...A column in this data file gives the engine displacement in liters of 509 vehicles sold in the United States. These vehicles are 2012 models, are not hybrids, have automatic transmissions, and lack turbochargers. (a) Produce ...These data give monthly returns for stocks of three familiar companies: Disney, Exxon, and McDonald’s from January 1990 through December 2005. (a) Describe and contrast histograms of the three companies. Be sure to use ...This table shows counts from a consumer satisfaction survey of 2,000 customers who called a credit card company to dispute a charge. One thousand customers were retired and the remaining were employed. (a) What would it mean ...Numerous epidemiological studies associate a history of smoking with the presence of lung cancer. If a study finds association (cancer rates are higher among smokers), does this mean that smoking causes cancer?
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