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Variance: Average Income in The United States Background Task 1 Task 2 Task 3

The document provides information to calculate the variance of annual personal incomes for 11 people in the US. It lists each person's income and the mean income of $189,848.18. It asks the reader to determine whether to use the sample or population variance formula, calculate the variance, and explain what the variance number represents.

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Faizal Abdullah
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98 views2 pages

Variance: Average Income in The United States Background Task 1 Task 2 Task 3

The document provides information to calculate the variance of annual personal incomes for 11 people in the US. It lists each person's income and the mean income of $189,848.18. It asks the reader to determine whether to use the sample or population variance formula, calculate the variance, and explain what the variance number represents.

Uploaded by

Faizal Abdullah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Variance

Average income in the United States

Background You have the annual personal income of 11 people from the USA. You have the mean income from the exercise on me
Task 1 Decide whether you have to use sample or population formula for the variance
Task 2 Calculate the variance of their income
Task 3 Generally, what does this number tell you?

Annual income Mean $189,848.18


$ 62,000.00
$ 64,000.00
$ 49,000.00
$ 324,000.00
$ 1,264,000.00
$ 54,330.00
$ 64,000.00
$ 51,000.00
$ 55,000.00
$ 48,000.00
$ 53,000.00
the mean income from the exercise on mean, median and mode

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