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How Large Must a Person's Salary Should Be to Qualify

question 3

Essay

How large must a person's salary should be to qualify as an outlier on the high side? How many outliers are there in these data?


Definitions:

Budget Constraints

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods and services.

Utility

A measure of satisfaction or pleasure derived from consuming products or services.

Money Income

The total amount of monetary earnings received by an individual or household, including wages, salaries, investments, and other income sources.

Coke

A carbonized material derived from coal used mainly in steel production, or a trademark for a popular carbonated soft drink.

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