The following table shows the starting salaries of a sample of recent VoTech graduates.
a.What percentage of graduates in the sample had starting salaries of at least $30,000?
b.Of the graduates in the sample, what percentage had starting salaries of less than $25,000?
c.Based on this sample, what percentage of all VoTech graduates do you estimate to have starting salaries of at least $20,000?
Definitions:
Loanable Funds
The market where savers and borrowers exchange funds, typically in the form of loans or bonds.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to sell, holding other factors constant.
Interest Rates
The percentage charged by a lender to a borrower for the use of assets, typically expressed as an annual percentage of the principal.
Loanable Funds Theory
An economic theory that suggests the market interest rate and the quantity of loanable funds are determined by the demand and supply of credit.
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