Global Engineers Hired the Following Number of Class 1 Engineers

question 39

Essay

Global Engineers hired the following number of Class 1 engineers during the first six months of the past year. (Assume the data represent a sample.)
No. of Class 1
Month Engineers Hired
January 3
February 2
March 4
April 2
May 6
June 0
a.Determine the mean, the median, the mode, and the range for the above data.
b.Compute the variance and the standard deviation.
c.Compute the first and the third quartiles.
d.Compute the z-scores for the months of May and June.

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Definitions:

Economic Profit

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, reflecting the financial gain exceeding the opportunity cost of resources used.

Accounting Profit

Net income of a company is determined by deducting total expenses from total revenues, in line with established accounting norms.

Implicit Costs

The opportunity costs associated with a company's resources that are not directly paid out in cash but represent foregone alternatives.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision.