The population mean income of the five families is their average income
The population mean income of the five families is #15.2
The income of the five families in a thousand dollars is given as:
A 12 B 23 C 18 D 7 E 16
The population mean is then calculated as:
[tex]\mu = \frac{\sum x}n[/tex]
So, we have:
[tex]\mu = \frac{12 + 23 + 18 + 7 + 16}5[/tex]
Evaluate the sum
[tex]\mu = \frac{76}5[/tex]
Evaluate the quotient
[tex]\mu = 15.2[/tex]
Hence, the population mean income of the five families is #15.2 thousand
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