You collect a set of data around a group of coworkers' incomes (in hourly wages). You...
You collect a set of data around a group of coworkers' incomes (in hourly wages). You find that among that group there is a mean income of $24 per hour, with a standard deviation of $4.55. If someone had never heard of mean and standard deviation, how would you describe these findings to them in the case of this finding across your coworkers?
Homework Answers
Mean income (average) is the amount obtained by dividing the total aggregate income of the co-workers by the total number of co-workers in that group. In this case it is $24/hour.
Standard Deviation is one of the measures of variation of data under study.It is best used when the data is distributed normally. Here standard deviation of $4.55 means that this is value of variation in income among the co-workers.
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