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Basic Statistics for Business and Economics | 7th Edition | ISBN: 9780077384470 | Authors: Douglas Lind; William Marchal; Samuel Wathen
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The annual incomes of the five vice presidents of TMV

Chapter 3, Problem 38E

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QUESTION:

The annual incomes of the five vice presidents of TMV Industries are: $125,000; $128,000; $122,000; $133,000; and $140,000. Consider this a population.

a. What is the range?

b. What is the arithmetic mean income?

c. What is the population variance? The standard deviation?

d. The annual incomes of officers of another firm similar to TMV Industries were also studied. The mean was $129,000 and the standard deviation $8,612. Compare the means and dispersions in the two firms.

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QUESTION:

The annual incomes of the five vice presidents of TMV Industries are: $125,000; $128,000; $122,000; $133,000; and $140,000. Consider this a population.

a. What is the range?

b. What is the arithmetic mean income?

c. What is the population variance? The standard deviation?

d. The annual incomes of officers of another firm similar to TMV Industries were also studied. The mean was $129,000 and the standard deviation $8,612. Compare the means and dispersions in the two firms.

ANSWER:

Step 1 of 4

Annual income is the all-out pay that you procure for more than one year. Contingent upon the information that is needed to decide your yearly pay, you may put together your pay with respect to either a scheduled year or a financial year.

a.) First, arrange the annual incomes in the ascending order. We get,

$122,000, $125,000, $128,000, $133,000, $140000

A range can be calculated by subtracting lowest value from the highest value, so the answer is,

Range = 140000 - 122000

Range = 18000

The range is determined as $18000.

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