2.Question 2The data shown above has one “extreme” observation relative to the others. In this case, which of the following is true? Select all that apply.1 pointThe Median of this data is a larger dollar amount than the Mean of this data.The Mean of this data is a larger dollar amount than the Median of this data.The Median more accurately reflects the typical data when the extreme observations are removed.The Mean more accurately reflects the typical data when the extreme observations are removed.
Question
2.Question 2The data shown above has one “extreme” observation relative to the others. In this case, which of the following is true? Select all that apply.1 pointThe Median of this data is a larger dollar amount than the Mean of this data.The Mean of this data is a larger dollar amount than the Median of this data.The Median more accurately reflects the typical data when the extreme observations are removed.The Mean more accurately reflects the typical data when the extreme observations are removed.
Solution
Without the actual data, it's hard to give a definitive answer. However, generally speaking:
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The Median of this data could be a larger dollar amount than the Mean of this data if the "extreme" observation is significantly lower than the rest of the data.
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The Mean of this data could be a larger dollar amount than the Median of this data if the "extreme" observation is significantly higher than the rest of the data.
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The Median more accurately reflects the typical data when the extreme observations are removed. This is because the median is not affected by extreme values as it is the middle value of a data set.
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The Mean may not accurately reflect the typical data when the extreme observations are removed. This is because the mean is sensitive to extreme values. If an extreme value is removed, the mean of the data set will change.
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