The Yearly Incomes of the Top Highest Paying Professions in the United

question 96

Short Answer

The yearly incomes of the top highest paying professions in the United States are shown below. $\begin{array}{lc}\text { Profession } & \text { Yearly Income } \\\text { Surgeons } & (\text { in } \$ 1,000) \\\text { Obstetricians } & 136 \\\text { Anesthesiologists } & 132 \\\text { Internists } & 130 \\\text { Pediatricians } & 116 \\\text { Psychiatrists } & 114 \\\text { Dentists } & 110 \\\text { General Practitioners } & 110 \\\text { Chief Executives } & 107 \\\text { Airline Pilots } & 99\end{array}$ For the above sample, determine the following measures (Give your answer in dollars).
a.
The mean yearly salary
b.
The standard deviation
c.
The median
d.
The mode

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Definitions:

Dominant Firm

A company that holds a large portion of the market share within its industry, exerting significant influence or control over market conditions, including prices and product offerings.

Oligopoly

A market structure in which a small number of firms have the large majority of market share.

Cournot Model

An economic model used to describe an industry structure in which companies compete on the amount of output they will produce, which they decide independently of each other and at the same time.

Dominant Price Leader

A dominant firm that sets the price of a good or service within the market, which other firms then follow, often seen in oligopolistic markets.