Please help with the following problems. Provide a detailed explanation for each question.
a. The firm in question 4 gives no raises to the clerks and junior accountants, while the owner’s take increases to $455,000. How does this change affect the mean? How does it affect the median?
b. A discussion of extreme weather reports that: “In most states, hurricanes occur infrequently. Yet, when a hurricane hits, the losses can be catastrophic. Average annual losses are not a meaningful measure of damage from rare but potentially catastrophic events,” Why is this true?
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