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(Solved by Expert Tutors) Please answer question CA marketing research company has collected>


data on net household income in an Eastern suburb in Melbourne. A sample of 200 households were selected and their net household income (in thousands of dollars) in 2000 and 2010 was compared. The incomes for 2010 are expressed in terms of 2000 dollars so that the two are comparable. The following table provides an extract of the summary statistics: ($?000) Summary Statistics 2000 2010 Mean 47.800 50.281 Median 43.677 41.767 Standard deviation 39.180 45.799 Minimum 1.150 -2.987 Maximum 170.000 190.777 First Quartile 17.850 13.250 Third Quartile 70.850 67.750 5th Percentile 2.000 -0.750 95th Percentile 120.750 155.855 Provide your feedback on the following comments made by analysts from the research company. Do you agree/disagree with the statements? Explain why. All feedback should include evidence based on the summary statistics provided in the table above.a) ?Households in the suburb are on average better off in 2010 than they were in 2000?.b) ?The distribution of income in 2010 is more variable than in 2000?.c) ?Rich households in the suburb have become richer over the decade, and poorerhouseholds are worse off?.

 


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Apr 19, 2020

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