Question

Market researchers often compute the “mean” or average of data collected. Wha is the mean income of the following three people surveyed? Person A: $34,000, Person B: $44,000, Person C:$21,000

Answer 1

Answer: The mean income of the three people surveyed is $33,000.

The mean or average of a data set is nothing but the sum total of all the observations in a given set of data divided by the number of observations.

The formula for calculating the mean is:

`\mathbf{\overline{X} = (X_(1)+X_(2)+X_(3).....+X_(n))/(N) }`

where

`\overline{X}` is the mean or average

X₁ , X₂, X₃ .......Xn refers to the observations

N is the total number of observations

Substituting the values in the formula for mean we get,

`\mathbf{\overline{X} = (34000+44000+21000)/(3)}`

`\mathbf{\overline{X} = (99000)/(3)}`

`\mathbf{\overline{X} = 33,000}`