Question

The profits earned in a year by some companies in a city are shown below:


Company Profit
A $160,000
B $140,000
C $130,000
D $1,120,000
E $150,000


Based on the data, should the mean or the median be used to make an inference about the profits earned by these companies?
Mean, because it is in the center of the data
Median, because it is in the center of the data
Mean, because there are no outliers that affect the mean
Median, because there is an outlier that affects the mean

Answer 1

@Tjbrew

Answer 2

The mean is an average, one of several that summarize the typical value of a set of data. The mean is the grand total divided by the number of data points.

Answer 3

The median is the middle value in a sample sorted into ascending order. If the sample contains an even number of values, the median is defined as the mean of the middle two.

Answer 4

The mean is the one to use with symmetrically distributed data; otherwise, use the median. If you follow this rule, you will get a more accurate reflection of an 'average' value.

Answer 5

lol ik what the median & mean is cx i just cant figure out which itd b

Answer 6

So which do you think based on the information I just posted???

Answer 7

median?

Answer 8

because it is in the center of data?

Answer 9

Well to me I would choose mean b/c that summarizes the typical value, and the question is asking for an inference

Answer 10

i think its b

Answer 11

Mean, because there are no outliers that affect the mean

Answer 12

ok thank u

Answer 13

OK, I would go with your gut! I am really an English guy, although I know math it is not my strong suit!! Best of luck!

Answer 14

D $1,120,000 is the outlier