Analysis of Income Data of 86 Persons

Understanding the Data:
- The data set consists of income information for 86 individuals.
- It is crucial to analyze this data to draw insights and understand the distribution of income among the group.

Descriptive Statistics

Mean Income:
- Calculate the average income by summing up all income values and dividing by the total number of individuals (86).
- This will give us a measure of central tendency that represents the typical income in the group.

Median Income:
- Arrange the income values in ascending order and find the middle value.
- The median income is useful to understand the income level that separates the higher and lower halves of the group.

Range of Incomes:
- Calculate the difference between the highest and lowest income values in the data set.
- This will give an idea of the spread of incomes among the individuals.

Income Distribution:
- Create a frequency distribution or histogram to visualize how incomes are distributed among the group.
- This can help identify any patterns or outliers in the data.

Interpretation and Insights

Income Disparity:
- Look for any significant disparities in income levels among the individuals.
- Analyze whether there is a wide gap between the highest and lowest incomes in the group.

Trends and Patterns:
- Identify any trends or patterns in the income data, such as clustering around certain income ranges.
- This can provide insights into the socioeconomic status of the individuals in the group.

Outliers:
- Examine the data for any outliers, i.e., income values that significantly deviate from the rest of the group.
- Investigate the reasons behind these outliers and their impact on the overall analysis.

Conclusion

By following these steps and analyzing the income data of 86 persons, we can gain a better understanding of the income distribution, disparities, trends, and outliers present in the group. This analysis can provide valuable insights for decision-making and further research in the field of income economics.