Education pays off, according to a snapshot provided by the Bureau of Labor Statistics.8 The median weekly earnings for six different levels of education are shown in the table:Educational Level Median Weekly Earnings ($)Less than a high school diploma 454High school graduate 626Some college, no degree 699Associate degree 761Bachelor’s degree 1025Master’s degree 1257Professional degree 1529Doctoral degree 1532Source: Bureau of Labor Statistics, Current Population Surveya. What graphical methods could you use to describe the data?b. Select the method from part a that you think best describes the data and create the appropriate graph.c. How would you summarize the information that you see in the graph regarding educational levels and salary?
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Education pays off, according to a snapshot provided by the Bureau of Labor Statistics.8 The
Educational Level Median Weekly Earnings ($)
Less than a high school diploma 454
High school graduate 626
Some college, no degree 699
Associate degree 761
Bachelor’s degree 1025
Master’s degree 1257
Professional degree 1529
Doctoral degree 1532
Source: Bureau of Labor Statistics, Current Population Survey
a. What graphical methods could you use to describe the data?
b. Select the method from part a that you think best describes the data and create the appropriate graph.
c. How would you summarize the information that you see in the graph regarding educational levels and salary?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
