Introductory econometrics a modern approach 4th edition solution manual

Over 90% of students who use Chegg Study report better grades. May 2015 Survey of Chegg Study Users The following table contains monthly housing expenditures for 10 families. (i) Find the average monthly housing expenditure. (ii) Find the median monthly housing expenditure. (iii) If monthly housing expenditures were measured in hundreds of dollars, rather than in dollars, what would be the average and median expenditures? (iv) Suppose that family number 8 increases its monthly housing expenditure to 0, but the expenditures of all other families remain the same. Compute the average and median housing expenditures. Step 1 of 4 The following table shows the monthly housing expenditure of different families: Family Monthly expenditure (i) The average monthly expenditure can be found by adding the expenditure and dividing it by number of family (10 The average monthly salary of 10 families is 6. Step 2 of 4 (ii) Median is the middle value of a series. To find out median, first arrange the series in ascending order. Median is equal to (n+1) divided by 2. Here n is the number of observation. The re-arranged series of monthly income would be: The median is The 5th and 6th terms are 480 and 530. The median therefore is the average of both terms: The median salary is 5. Step 3 of 4 (iii) The mean and median both would change. However, the median would be 5.5th term due to non-change in number of observations. The mean would be 600 and median would be 500. Step 4 of 4 (iv) If the income of family 8 increases to 0, the mean would change. However the median would remain the same due to no change in the number of observation. Mean is known to be affected by extreme values. The new mean would be: The new mean is 6 not the median is the same, 5.
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