A county with a large population need to know what the average income is for tax purposes. A simple random sample of 1000 household reveals the following information. The average household income for the sample is $21,000. The median income of the sample is $17,000. The SD of the sample is $10,000, Q1 = $11,000 and Q3 = $24,000.
What is the interquartile range of the data? AND
What is the best estimate of the mean household income in this county?What is the interquartile range of the data What is the best estimate of the mean household?
interquartile range is 24 - 11 = 17
The sd of 10,000 is large for this sample so it would seem that a median would be a better estimate.
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