Posted: March 2nd, 2017

The firm in question 4 gives no raises to the clerks and junior accountants, while the owner’s take increases to $455,000. How does this change affect the mean? How does it affect the median?

Please help with the following problems. Provide a detailed explanation for each question.

a. The firm in question 4 gives no raises to the clerks and junior accountants, while the owner’s take increases to $455,000. How does this change affect the mean? How does it affect the median?

b. A discussion of extreme weather reports that: “In most states, hurricanes occur infrequently. Yet, when a hurricane hits, the losses can be catastrophic. Average annual losses are not a meaningful measure of damage from rare but potentially catastrophic events,” Why is this true?