What is the average amount of cash the five kids have

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Reference no: EM133277708

Question -

a. Five kids from the neighborhood are heading to the store to get some snacks. Kid #1 has $1.50, Kid #2 has $2, Kid #3 has $2.50, Kid #4 has $3, and Kid #5 has $5.

What's the average (mean) amount of cash the five kids have? What's the median?

Two weeks later, the family of Kid #5 won the lottery, and the kids got together to go to the store to get some snacks again. This time around, Kid #1 has $1.50, Kid #2 has $2, Kid #3 has $2.50, Kid #4 has $3, and Kid #5 has a suitcase of cash totals $5,000,000.

What's the average (mean) amount of cash the five kids have this time? What's the median?

b. From part a, how have the mean and the median changed? Which one - the mean or the median - is a better reflection of how much money the neighborhood kids have? Think before answering.

c. Using Google (or any search engine), find examples in everyday life where the median is usually reported instead of the mean? Why do you think that is? For full credit, please provide the link to the data source.

Reference no: EM133277708

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