Question

What is the mean of average household income? Less than $25,000 10 $25,000 to $34,999 4...

What is the mean of average household income?

Less than $25,000

10

$25,000 to $34,999

4

$35,000 to $49,999

2

$50,000 to $74,999

9
–

$75,000 to $99,999

6

$100,000 to $149,999

3

$150,000 or more

10
TOTAL 44
Math   Statistics-And-Probability   
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Homework Answers

Answer #1

The mid-points of the classes are = [(0 + 25000)/2 = 12500, (25,000 + 35000)/2 = 30000, (35000 + 50000)/2 = 42500, (50000 + 75000)/2 = 62500, (75000 + 100000)/2 = 87500, (100000 + 150000)/2 = 125000, (150000 + 200000)/2 = 175000] (Assuming 200000 to be the upper bound of the last class).

The mean average household income is = [(12500 * 10) + (30000 * 4) + (42500 * 2) + (62500 * 9) + (87500 * 6) + (125000 * 3) + (175000 * 10)] / (10 + 4 + 2 + 9 + 6 + 3 + 10) = $80511.36 (Ans).

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