Question

The Wall Street Journal reported that the median salary for middle-level manager jobs was approximately $85,000 (The Wall Street Journal, August 6, 2013). Suppose that an independent study of middle-level managers employed at companies located in Atlanta, Georgia, was conducted to compare the salaries of managers working at firms in Atlanta to the national average. The following data show the salary, in thousands of dollars, for a 8. sample of 15 middle-level managers.
108 83 106 73 53 85 80 63 67 75 124 55 93 118 77
a. Compute the median salary for the sample of 15 middle-level managers. How does the median for this group compare to the median reported by The Wall Street Journal?
b. Compute the mean annual salary and discuss how and why it differs from the median a. b. computed in part (a).
c. Compute the first and third quartiles.

Answer 1

Answer:

Median = $80,000 ; Mean = $84,000 ; Q1 = 67,000 ; Q3 = 106,000

Step-by-step explanation:

Given the data :

108 83 106 73 53 85 80 63 67 75 124 55 93 118 77

Reorderd data :

53, 55, 63, 67, 73, 75, 77, 80, 83, 85, 93, 106, 108, 118, 124

The median salary:

1/2(n+1)th term

Sample size, n = 15

1/2 (15 + 1)th term

1/2(16)th term

8th term = 80

Median is $80,000

Median reported by Wall Street Journal approximately $85000

The obtained and reported values are close

The mean annual salary :

ΣX / n = 1260 / 15 = 84

Mean annual salary = $84,000

Mean is the average of all earnings combined, median is the mid value of he data.

First and third quartile :

Q1 = 1/4(n+1)th term

Q1 = 1/4(16)th term

Q1 = 4th term = 67

Third quartile:.

Q3 = 3/4(n+1)th term

Q3 = 3/4(16)th term

Q3 = 12th term = 106