Question

Net worth: The board of Governors of the Federal Reserve system publishes information on family net worth in the survey of consumers fiances. In$2012$the mean net worth of the families in the united state wasrole="math" localid="1650792936700" $\backslash (498.8$thousand and the median net worth wasrole="math" localid="1650792957167" $\backslash )77.3$thousand. Which measure of center do you think is more appropriate? Justify your answer.

Short answer

The median is more appropriate as a measure of center when compared to the mean.

Step-by-step solution

Step 1. Given information. 

Net worth: The board of Governors of the Federal Reserve system publishes information on family net worth in the survey of consumers fiances. In$2012$the mean net worth of the families in the united state was $\$498.8$thousand and the median net worth was$\$77.3$ thousand.

Step 2. Which measure of center do you think is more appropriate? Justify your answer.  

When compared to the mean, the median is a better measure of centre..