Using the data from Problem 1.5:

(a) Calculate the mean, median and mode of the distribution. Why do they differ?

(b) Calculate the inter-quartile range, variance, standard deviation and coefficient of variation of the data.

(c) Calculate the skewness of the distribution.

(d) From what you have calculated, and the data in the chapter, can you draw any conclusions about the degree of inequality in wealth holdings, and how this has changed?

(e) What would be the effect upon the mean of assuming the final class width to be £10m? What would be the effects upon the median and mode?

Problem 1.5

The distribution of marketable wealth in 1979 in the UK is shown in the table below (taken from Inland Revenue Statistics 1981, p. 105):

Range Number Amount 000s m 0- 1606 148 1 000- 2927 5 985 3 000- 2562 10 090 5 000- 3483 25 464 10 000- 2876 35 656 15 000- 1916 33 134 20 000- 3425 104 829 50 000- 621 46 483 100 000- 170 25 763 200 000- 59 30 581