Question

A county with a large population need to know what the average income is for tax purposes. A simple random sample of 1000 household reveals the following information. The average household income for the sample is $21,000. The median income of the sample is $17,000. The SD of the sample is $10,000, Q1 = $11,000 and Q3 = $24,000.

What is the best estimate of the mean household income in this county?

Answer 1

The best estimate of the mean household income in this county is the average household income of the sample, which is $21,000.