Consider two small companies, each with 9 employees including 1 boss with the highest salary in each company, and 8 people working for them with lower salaries. The table below gives the annual salaries of the people in each company. These salaries are identical except for the fact that Small Company B is more profitable overall, and their boss decides to keep a much higher salary than the boss of Small Company A. Small Company A Small Company B $85 000 (boss A) $360 000 (boss B) $65 000 $65 000 $60 000 $60 000 $40 000 $40 000 $35 000 $35 000 $35 000 $35 000 $35 000 $35 000 $30 000 $30 000 $30 000 $30 000 For each of the two companies, calculate the mean, median, and mode, and show your answers and calculations in the space below (rounded to the nearest thousands place). After you answer this question, answer the two follow-up questions about the results you just calculated.
Consider two small companies, each with 9 employees including 1 boss with the highest salary in each company, and 8 people working for them with lower salaries. The table below gives the annual salaries of the people in each company. These salaries are identical except for the fact that Small Company B is more profitable overall, and their boss decides to keep a much higher salary than the boss of Small Company A. Small Company A Small Company B $85 000 (boss A) $360 000 (boss B) $65 000 $65 000 $60 000 $60 000 $40 000 $40 000 $35 000 $35 000 $35 000 $35 000 $35 000 $35 000 $30 000 $30 000 $30 000 $30 000 For each of the two companies, calculate the mean, median, and mode, and show your answers and calculations in the space below (rounded to the nearest thousands place). After you answer this question, answer the two follow-up questions about the results you just calculated.
Consider two small companies, each with 9 employees including 1 boss with the highest salary in each company, and 8 people working for them with lower salaries. The table below gives the annual salaries of the people in each company. These salaries are identical except for the fact that Small Company B is more profitable overall, and their boss decides to keep a much higher salary than the boss of Small Company A. Small Company A Small Company B $85 000 (boss A) $360 000 (boss B) $65 000 $65 000 $60 000 $60 000 $40 000 $40 000 $35 000 $35 000 $35 000 $35 000 $35 000 $35 000 $30 000 $30 000 $30 000 $30 000 For each of the two companies, calculate the mean, median, and mode, and show your answers and calculations in the space below (rounded to the nearest thousands place). After you answer this question, answer the two follow-up questions about the results you just calculated.
Consider two small companies, each with 9 employees including 1 boss with the highest salary in each company, and 8 people working for them with lower salaries. The table below gives the annual salaries of the people in each company. These salaries are identical except for the fact that Small Company B is more profitable overall, and their boss decides to keep a much higher salary than the boss of Small Company A.
Small Company A
Small Company B
$85 000 (boss A)
$360 000 (boss B)
$65 000
$65 000
$60 000
$60 000
$40 000
$40 000
$35 000
$35 000
$35 000
$35 000
$35 000
$35 000
$30 000
$30 000
$30 000
$30 000
For each of the two companies, calculate the mean, median, and mode, and show your answers and calculations in the space below (rounded to the nearest thousands place).
After you answer this question, answer the two follow-up questions about the results you just calculated.
Definition Definition Measure of central tendency that is the value that occurs most frequently in a data set. A data set may have more than one mode if multiple categories repeat an equal number of times. For example, in a data set with five item—3, 5, 5, 29, 473—the mode is 5 because it occurs twice and no other value occurs more than once. On a histogram or bar chart, the element with the highest bar represents the mode. Therefore, the mode is sometimes considered the most popular option. The mode is useful for nominal or categorical data (e.g., the most common color car that users purchase), but it is problematic for continuous data because it is more likely not to have any value that is more frequent than the other.
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