The Following Data Shows the Yearly Salaries of a Sample

question 114

Essay

The following data shows the yearly salaries of a sample of MBA graduates. $$\begin{array}{cc}\text { MBA Student}&\text { Salary (in } \$ 1,000 \text { ) }\\\text { A } & 78 \\\mathrm {~B} & 87 \\\mathrm { C } & 80 \\\mathrm { D } & 100 \\\mathrm { E } & 104 \\\mathrm {~F} & 88 \\\mathrm { G } & 82 \\\mathrm { H } & 85\end{array}$$ ​
a.
Compute the mean yearly salary and give your answer in dollars.
b.
Compute the standard deviation and give your answer in dollars.
c.
Compute the 75th percentile and give your answer in dollars. Fully explain what the value that you have determined indicates.

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Definitions:

Improvement Indices

Quantitative measures or indicators used to assess the level of improvement in processes, products, or performance over time.

Optimal Solution

The best possible outcome or answer found through a process of optimization, considering all constraints and objectives.

Demand Constraints

Limitations or restrictions on the amount of goods or services that can be sold or provided, often due to market or resource capabilities.

Intuitive Method

A decision-making process based on natural instincts, feelings, or judgments rather than on formal analysis or logical reasoning.