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TABLE 3-4
The ordered array below represents the number of cargo manifests approved by customs inspectors of the Port of New York in a sample of 35 days:
16, 17, 18, 18, 19, 20, 20, 21, 21, 21, 22, 22, 22, 22, 23, 23, 23, 23, 24, 24, 24, 25, 25, 26, 26, 26, 27, 28, 28, 29, 29, 31, 31, 32, 32
Note: For this sample, the sum of the values is 838, and the sum of the squared differences between each value and the mean is 619.89.
-Referring to Table 3-4, the five-number summary for the data in the customs sample consists of ________, ________, ________, ________, ________.
Real Income
The amount of goods and services that can be bought with a unit of currency, adjusted for inflation or price changes over time.
Income Mobility
The ability of an individual, family, or some other group to improve (or lower) their economic status—often measured by income—over time.
Income Ladder
A metaphorical representation of individuals or households ranked by their level of income.
Income Comparisons
The evaluation or analysis of an individual's or group's income in relation to others within the same society or economy.
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