AECO 103 UV-2L
Mean: The average household income is 530,151.3327.
Median: 50% of the households have an income more than 560,961.5883 while the other 50% have an income of less than 560,961.5883.
Range: The range of the household incomes is 991591.70. This indicates that there is a large difference between the lowest income and the highest income, the minimum being 4,018.44 and the maximum being 995,610.14.
Standard deviation and variance: The average distance of the observations from the mean is 291786.49129 and the variance is simply the square of the standard deviation. This denotes that the household incomes are extremely dispersed from each other.
Std. Error of Skewness
Std. Error of Kurtosis
The skewness of the distribution is -1.29. This indicates a negatively skewed distribution. It simply means that there few extremely low values in the data set. There a very few households that have relatively small incomes.
The kurtosis of the distribution is -1.142, which indicates a platykurtic distribution. This means that the distribution is flat and the tails of the distribution are relatively heavy. This signifies that there are no extreme frequencies in the distribution. The frequencies for all levels of income are comparatively “flat” or the frequencies for each level of income are almost the same/not varying too much.
The histogram shows that there are two modes. Each mode comes from both sides of the graph. Ten households have incomes from 100,000.00 to 200,000 and the other ten have incomes from 700,000.00-800,000.00. Also, it is seen that there are few