The following data show the yearly salaries of a random sample of Chattanooga residents.
For the above sample,determine the following measures (Give your answer in dollars):
a.The mean yearly salary.
b.The standard deviation.
c.The mode.
d.The median.
e.The 70th percentile
Definitions:
Incentive Compatibility
A concept in economics and game theory that occurs when the incentives align with the desired outcomes, ensuring that participants act in a way that leads to an optimal outcome for all involved.
Supervise
The act of overseeing, directing, or managing activities and tasks of individuals or groups to ensure objectives are met.
Expected Income
The amount of money an individual anticipates earning over a certain period, based on current or future situations.
High Effort
A significant level of energy, work, or commitment applied to achieve a goal or task.
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