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The Data Shown Below Contains Family Incomes (In Thousands of Dollars)

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Essay

The data shown below contains family incomes (in thousands of dollars) for a set of 50 families sampled in 2007 and 2017. Assume that these families are good representatives of the entire United States. The data shown below contains family incomes (in thousands of dollars) for a set of 50 families sampled in 2007 and 2017. Assume that these families are good representatives of the entire United States.   ​ -Find the mean, median, standard deviation, first and third quartiles, and the 95<sup>th</sup> percentile for family incomes in both years.
-Find the mean, median, standard deviation, first and third quartiles, and the 95th percentile for family incomes in both years.


Definitions:

Null Hypothesis

The assumption that no meaningful variation exists between defined groups, attributing any detected differences to random sampling or mistakes in the experiment.

Alternative Hypothesis

In statistical testing, a hypothesis that directly contradicts the null hypothesis, proposing that there is a significant difference or effect.

Random Sample

A method of selecting a subset of individuals from a population in which every individual has an equal chance of being chosen.

Financial Aid

Monetary support granted to students to help cover the costs associated with their education, such as tuition and living expenses.

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