There are six households in a rural community. Each household earns $40,000 per year. Suppose that a new resident builds a mansion in the community and that the income in the new household is $4 million per year. After the new resident arrives, the median household income has _____, and the mean household income has _____. increased; increased not changed; increased not changed; not changed increased; not changed

Answer:

Median income has not changed

Mean income has increased

Step-by-step explanation:

Initial number of houses = 6

Earning per household = $40,000

The initial mean :

$(40,000 * 6) / 6 = $40000

Initial median :

40000, 40000, 40000, 40000, 40000, 40000

= 1/2(n+1)th term,

Median = 40000

A 7th household earns 4,000,000

Mean = ((40000*6) + 4,000,000) / 7 = $605,714

Median = 1/2(n+1)th term

40000, 40000, 40000, 40000, 40000, 40000, 4000000

Median = 4th term = 40000

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Run two separate regressions using the data in the sections of the spreadsheet titled Regression Model 1 and Regression Model 2. Use a 95% confidence level.
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R Square expressed as a percentage rounded and carried out to two decimal places is ________% and Adjusted R Square expressed as a percentage rounded and carried out to two decimal places is _______%. Refer to the spreadsheet embedded in your Module 14 Regression document I provided you to see the calculation and format for answering this next question. The gap between R Square and Adjusted R Square expressed as a percentage rounded and carried out to two decimal places is 0.______%.
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Regression Model 2
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Using square footage of 1,500, mileage of 92, and floors of 71, the model estimates that _________ hours of labor would be required, with a margin of error of ________ hours.
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