After complaining about the bonus plans, you wake upon Conglomo's private island, where you break big rocks
into smaller rocks for $10 a day. There are 999 other
employees on the island, 998 of whom get paid the same
way you do. The last employee is your overseer, who is
paid $10 million per year.
What is the mean and median income for
workers on Super Happy Fun Island?
Which method of describing central tendency
better represents this data? Why?
Answers
Answers:
mean annual income = $13,646.35
median annual income = $3,650
The median is a better measure of center
=======================================================
Explanation:
If you earn $10 a day, and do so for 365 days, then you earn 365*10 = 3650 dollars per year.
If there are 999 employees earning this amount, then the amount earned is 999*3650 = 3,646,350
Add on the 10,000,000 to get
10,000,000+3,646,350 = 13,646,350
The total amount earned is $13,646,350
Divide this over the 1000 people (999 workers + 1 boss)
We get: (13,646,350)/(1,000) = 13,646.35
The mean is annual income is $13,646.35
--------------------------------
The median is the middle most value. If you list out the pay amounts of just the workers, you'll get the list:
{3650, 3650, 3650, ..., 3650}
We will have 999 copies of 3650 listed out. You don't have to list all 999 of them. Just a few is a good start. The three dots indicate the pattern goes on until we reach the 999th item.
If we then tack on the overseer's pay, then we have the list
{3650, 3650, 3650, ..., 3650, 10 million}
I'm using "million" instead of the digits to avoid using commas here.
The middle won't change due to one item being tacked onto the end. The middle is going to be 3650 either due to it being part of the set, or we find the midpoint between 3650 and 3650, which averages out to 3650.
The median income is $3,650
-----------------------------------
The median income is the better measure of center because it represents where the workers are instead of some distant "midpoint" between the workers and the boss. No person is making $13,646.35 a year. They are either making $3,650 or they are making $10,000,000. There's nothing in between. So it's better go lean toward the larger group when deciding where the center should go. Think of it like a balance beam or a see-saw.
As you can see the median is not affected by outliers. We can change the "ten million" to something like "a hundred million" and the median would still be the same. I recommend you compute the mean if the overseer earns 100 million dollars, and you'll find the mean will increase dramatically. However, the median will stay where it's at. The only time the median will change is if we introduce elements that are somewhere around (either higher or lower) than 3650, and these values are close to 3650. But this won't change the center very much compared to the drastic changes the mean undergoes due to such a large outlier.
The general rule of thumb is: a large outlier to the right pulls the mean to the right. An outlier to the left pulls the mean to the left. In this case, the mean is pulled to the right. The data is skewed to the right (or positively skewed).
So again, the conclusion is that the median is the better measure of center.
Related Questions
Richard is buying a subscription for video game rentals. The plan he has chosen has aninitial fee of $20 plus $2 per video game rented. This plan can be represented by thefunction f(x) = 2x + 20. How much money will Richard pay this month if he rents 5 videogames?
Anurak has nickels, dimes, and pennies in his pocket. The coins in Anurak's pocket have a total value of 75 cents. He has three more nickels than dimes and five times as many pennies as dimes. How many coins of each type does Anurak have?
The function f is defined by the following rule. f(x) = 5x+1 Complete the function table.
Factor completely 2x2 − 32.Prime 2(x2 − 16) 2(x + 4)(x + 4) 2(x + 4)(x − 4)
Answers
Answers
Answer:
25
Step-by-step explanation:
Answer:
the answer is 25
Step-by-step explanation:
Answers
The compound interest is applied to the remaining balance in the account
each subsequent year.
- The amount that must be deposited is approximately $620.07
Reasons:
The given compound interest rate, r = 6.25% = 0.0625
The balance in the account after 2 years, A = $700
Required:
The required deposit, P, that gives the given account balance after 2 years.
Solution:
The following is the compound interest formula to use;
Where;
t = 2 years
We get;
Which gives;
- The amount that must be deposited to give $700 after 2 years is P ≈ $620.07
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Answers
i don't know specifically what you are looking for but:
Direction: Opens Up
Vertex: (1, -1)
Axis of Symmetry: x = 1
and i attached the graph
Answer: x = √(((-F - 4)^2)/16 - 1/2) + (F + 4)/4 or x = (F + 4)/4 - √(((-F - 4)^2)/16 - 1/2)
Step-by-step explanation:
Solve for x:
F x = 2 x^2 - 4 x + 1
Subtract 2 x^2 - 4 x + 1 from both sides:
-2 x^2 + F x + 4 x - 1 = 0
Collect in terms of x:
-1 + x (F + 4) - 2 x^2 = 0
Divide both sides by -2:
1/2 + 1/2 x (-F - 4) + x^2 = 0
Subtract 1/2 from both sides:
1/2 x (-F - 4) + x^2 = -1/2
Add 1/16 (-F - 4)^2 to both sides:
1/16 (-F - 4)^2 + 1/2 x (-F - 4) + x^2 = 1/16 (-F - 4)^2 - 1/2
Write the left hand side as a square:
(1/4 (-F - 4) + x)^2 = 1/16 (-F - 4)^2 - 1/2
Take the square root of both sides:
1/4 (-F - 4) + x = √(1/16 (-F - 4)^2 - 1/2) or 1/4 (-F - 4) + x = -√(1/16 (-F - 4)^2 - 1/2)
Subtract 1/4 (-F - 4) from both sides:
x = √(((-F - 4)^2)/16 - 1/2) + (F + 4)/4 or 1/4 (-F - 4) + x = -√(1/16 (-F - 4)^2 - 1/2)
Subtract 1/4 (-F - 4) from both sides:
Answer: x = √(((-F - 4)^2)/16 - 1/2) + (F + 4)/4 or x = (F + 4)/4 - √(((-F - 4)^2)/16 - 1/2)
Answers
Final answer:
The Economic Entity Assumption is a key principle in accounting, enabling economic events of individual entities to be separately identified and accounted. The correct answer to the question is 'D. of every entity can be separately identified and accounted for.', which means all types of entities, such as corporations or sole proprietorships, can have their economic events independently accounted for.
Explanation:
The Economic Entity Assumption is a principle in accounting that allows us to separate and identify the economic activities of different entities. This assumption plays an integral role in the management and understanding of a business’s financial health, as it enables the financial activities of a business to be distinguished from the personal financial activities of its owners. In response to the options given, the correct answer is 'D. of every entity can be separately identified and accounted for'. This means that each economic entity's events can be clearly differentiated and accounted for independently, regardless of whether they're corporations, sole proprietorships, or any other type of business model.
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Final answer:
The economic entity assumption states that the economic events of every entity can be accounted for separately. This principle is vital for accuracy and transparency in financial reporting, as it mandates the separation of business and personal financial activities.
Explanation:
The economic entity assumption is a fundamental principle in accounting. The correct answer is option D: economic events of every entity can be separately identified and accounted for. This assumption holds that the financial activities of a business entity should be kept separate from the personal financial activities of its owners or other business entities. For instance, a sole proprietor's personal expenses should not be mixed with the expenses of the business they own. This principle helps ensure the transparency and accuracy of a business's financial records. Without the economic entity assumption, accurately tracking and reporting financial information would be far more complex and confusing.
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= 5x - 9, find each value
Answers
Answer:
BD = 88
BC = 27
CD = 61
Explanation:
Given that,
BD = 7x - 10
BC= 4x - 29
CD = 5x - 9
Here we assume BD is a line segment and C is a point lies between B & D.
BD = BC + CD
7x - 10 = 4x - 29 + 5x - 9
Now combine like terms
7x - 10 = 4x + 5x - 29 - 9
7x - 10 = 9x - 38
Move 7x from left hand side to right hand side
-10 = 9x - 7x - 38
-10 = 2x - 38
Add 38 both the side
-10 + 38 = 2x - 38 + 38
28 = 2x
Divide by 2 both the side
x = 14
Now put the value of x and find the length of BD, CD, BC
BD = 7x - 10 = 7*14 - 10 = 98 - 10 = 88
BC= 4x - 29 = 4*14 - 29 = 56 - 29 = 27
CD = 5x - 9 = 5*14 - 9 = 61
That's the final answer.
I hope it will help you.
The value of the expression will be:
BD = 88
BC = 27
CD = 61
How to solve the expression
Given that,
BD = 7x - 10
BC= 4x - 29
CD = 5x - 9
Here we assume BD is a line segment and C is a point lies between B & D.
BD = BC + CD
7x - 10 = 4x - 29 + 5x - 9
Now combine like terms
7x - 10 = 4x + 5x - 29 - 9
7x - 10 = 9x - 38
Move 7x from left hand side to right hand side
-10 = 9x - 7x - 38
-10 = 2x - 38
Add 38 both the side
-10 + 38 = 2x - 38 + 38
28 = 2x
Divide by 2 both the side
x = 14
Now put the value of x and find the length of BD, CD, BC
BD = 7x - 10 = 7*14 - 10 = 98 - 10 = 88
BC= 4x - 29 = 4*14 - 29 = 56 - 29 = 27
CD = 5x - 9 = 5*14 - 9 = 61
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