Refer to the Information Provided in Table 12 *4 Yrs College = 16 Yrs; Masters/law Degrees = 18

question 36

Multiple Choice

Refer to the information provided in Table 12.3 below to answer the questions that follow.
Table 12.3:
Annual Family Income and Education* Statistics for Three Neighborhoods
$$\begin{array} { l | llllll } & { \text { GLENBROOK } } && { \text { MEADOWBROOK } } && { \text { ELMBROOK } } \\& \text { Income } & \text { Education } & \text { Income } & \text { Education } & \text { Income } & \text { Education } \\\hline \text { Mean } & \$ 78,000 & 17 \text { Years } & \$ 28,000 & 15 \text { Years } & \$ 16,000 & 11 \text { Years } \\\text { Median } & \$ 27,000 & 18 & \$ 28,000 & 16 & \$ 18,000 & 11 \\\text { Mode } & \$ 26,000 & 20 & \$ 28,000 & 11 & \$ 14,000 & 11 \\\text { Stand Dev. } & \$ 8,000 & 3 & \$ 2,000 & 6 & \$ 3,000 & 1.0 \\\text { (N) } & ( 300 ) & & ( 300 ) & & ( 300 ) &\end{array}$$ *4 yrs college = 16 yrs; masters/law degrees = 18 yrs; Ph.D/MD degrees = 20 yrs.
-Which neighborhood has a heavily skewed income distribution?

• A) Glenbrook
• B) Meadowbrook
• C) Elmbrook
• D) No neighborhood is skewed.

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Short-Run Costs

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