The Following Data Shows the Yearly Income Distribution of a Sample

question 62

Essay

The following data shows the yearly income distribution of a sample of 200 employees at MNM, Inc.
a.What percentage of employees has yearly incomes of more than $35,000?
b.Is the figure (percentage) that you computed in Part a an example of statistical inference? If no, what kind of statistics does it represent?
c.Based on this sample, the president of the company said that "45% of all our employees' yearly incomes are over $35,000." The president's statement represents what kind of statistics?
d.With the statement made in Part c, can we be assured that more than 45% of all employees' yearly incomes are at least $35,000? Explain.
e.What percentage of employees of the sample has yearly incomes of $29,000 or less?f. How many variables are presented in the above data set?g. The above data set represents the results of how many observations?

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Definitions:

Money Demand Curve

A graphical representation showing the relationship between the quantity of money people want to hold and the interest rate, at a given point in time.

Real GDP

Real GDP, or Real Gross Domestic Product, measures an economy's total output adjusted for inflation, providing a more accurate picture of an economy's size and growth.

Interest Rate

Interest rate is the percentage charged or paid for the use of money, typically expressed as an annual percentage of the principal.

Real GDP

Real GDP, or real gross domestic product, measures a country's total economic output, adjusted for price changes or inflation.