Prob 3.6 (starting salaries)

# Prob 3.6 (starting salaries) - 6. Marketing majors (Excel...

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6. Marketing majors (Excel calculations): stat x ordered x 34.2 28.4 = min 45.0 30.6 39.5 34.2 = Q1 (= lower half median) 28.4 34.2 37.7 35.2 median = 35.5 35.8 35.8 30.6 37.7 35.2 39.5 = Q3 (= upper half median) 34.2 42.4 42.4 45.0 = max xbar = 36.3 = (sum all x)/n median = mode = 34.2 repeated 3x midrange = 36.7 = (max + min)/2 midquartile = 36.85 = (Q1+Q3)/2 R = 16.6 = max - min IQR = 5.3 = Q3 - Q1 IQR/R = 0.319 Accounting majors (Excel calculations): stat x ordered x 33.5 33.5 = min 57.1 38.0 49.7 40.2 40.2 40.8 Q1 = 40.95 44.2 41.1 (= median of lower half) 45.2 41.7 47.8 43.5 38.0 44.2 median = 44.70 53.9 45.2 41.1 47.8 41.7 49.1 40.8 49.7 Q3 = 49.80 55.5 49.9 (= median of upper half) 43.5 53.9 49.1 55.5 49.9 57.1 = max xbar = 45.70 = (sum all x)/n median = mode = none midrange = 45.30 = (max + min)/2 midquartile = 45.375 = (Q1+Q3)/2 R = 23.6 = max - min IQR = 8.85 = Q3 - Q1 IQR/R = 0.375

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a. Marketing Majors: 363 36.3 10 i x x n Σ = = = Data in order 28.4 30.6 34.2 34.2 35.2 35.8 37.7 39.5 42.4 45.0 Median (5 th and 6 th ) = 35.2 35.8 35.5 2 + = Mode – 34.2 (2 times) Accounting Majors: 731.2 45.7 16 i x x n Σ = = = Data in order 33.5 38.0 40.2 40.8 41.1 41.7 43.5 44.2 45.2 47.8 49.1 49.7 49.9 53.9 55.5 57.1 Median (8 th and 9 th ) = 44.2 45.2 44.7 2 + = There is no mode – all values occur one time. b. Marketing: Q 1 = median of lower half = value of 3 rd ordered position Q 1 = 34.2 Q 3 : median of upper half = value of 3 rd ordered position Q 3 = 39.5 Accounting: Q 1 : Average 4 th and 5 th positions
Q 1 = 40.8 41.1 40.95 2 + = Q 3 : Average 12 th and 13 th positions Q 3 = 49.7 49.9 49.8 2 + = c. The difference between the sample means is 45.7 – 36.3 = 9.4. The difference between the sample medians is 44.7 – 35.5 = 9.2. On the basis of both of these measures of central location, accounting majors have an average salary that is slightly over \$9,000 more per year than marketing majors. The highest accounting major salary was \$57,1000, while the highest marketing major salary was \$45,000. The top 25% of accounting majors made \$49,800 or more per year. The top 25% of marketing majors made \$39,500 or more per year. Additional questions, from HW #2. a. What population (or populations) is (are) sampled? Two populations:

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## This note was uploaded on 02/19/2011 for the course OM 210 taught by Professor Singer during the Spring '08 term at George Mason.

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Prob 3.6 (starting salaries) - 6. Marketing majors (Excel...

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