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The following appeared in the Wall Street Journal, September 16, 2019 "Letters to the Editor" that...

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Basic Math

The following appeared in the Wall Street Journal, September 16,2019 "Letters to the Editor" that refers to a September 11 articlethat appeared in the Journal. Read the letter reproduced below inpart and answer the question following the letter. "Phil Gramm andMike Solon start “Warren’s Assault on Retiree Wealth” (op-ed, Sept.11) by telling the reader that the households of ages 65 to 74 havean average of $1,066,000 in net worth. This may be technically truebut it has little significance in a political or public-policycontext. The (much more meaningful) median figure for the same agegroup is $224,000—less than one quarter of the figure theycite....." Tim McGlinn Maplewood, N.J. Which of the two measures ofnet worth, $1,066,000 from the original article, or the letterwriters measure, $224,000, do you think is the superior measure touse? Explain fully and specifically.

Answer & Explanation Solved by verified expert
3.9 Ratings (454 Votes)
An arithmetic average of any data set assumes that each data point has equal weightage In the context of net worth of a household it implies that all the households have an equal amount of money This is obviously not true Wealth    See Answer
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