Question
The salaries of the employees at four companies are summarized below. Answer the questions about them. Company A: The mean salary is \( \$ 27,000 \) and the range of salaries is \( \$ 65,000 \). Company B: The mean salary is \( \$ 36,000 \) and the range of salaries is \( \$ 63,000 \). Company C: The mean salary is \( \$ 34,000 \) and the range of salaries is \( \$ 59,000 \). Company D: The mean salary is \( \$ 35,000 \) and the range of salaries is \( \$ 60,000 \). (a) Based on the information above, which company's salaries have the least variability? Company A Company B Company C Company D (b) Based on the information above, which company has the highest salaries on average? Company A Company B Company C Company D
Ask by Ramos Welch. in the United States
Mar 21,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
(a) Company C has the least variability in salaries.
(b) Company B has the highest salaries on average.
Solution
To answer the questions, we will analyze the provided data about the salaries of employees at the four companies.
### Given Data:
- **Company A**: Mean salary = \$27,000, Range = \$65,000
- **Company B**: Mean salary = \$36,000, Range = \$63,000
- **Company C**: Mean salary = \$34,000, Range = \$59,000
- **Company D**: Mean salary = \$35,000, Range = \$60,000
### (a) Which company's salaries have the least variability?
To determine the variability of salaries, we can use the range as a measure of variability. The smaller the range, the less variability there is in the salaries.
- **Company A**: Range = \$65,000
- **Company B**: Range = \$63,000
- **Company C**: Range = \$59,000
- **Company D**: Range = \$60,000
**Comparison of Ranges:**
- Company A: \$65,000
- Company B: \$63,000
- Company C: \$59,000 (least variability)
- Company D: \$60,000
**Conclusion for (a)**: Company C has the least variability in salaries.
### (b) Which company has the highest salaries on average?
To find the company with the highest average salary, we can directly compare the mean salaries.
- **Company A**: Mean salary = \$27,000
- **Company B**: Mean salary = \$36,000 (highest average)
- **Company C**: Mean salary = \$34,000
- **Company D**: Mean salary = \$35,000
**Conclusion for (b)**: Company B has the highest salaries on average.
### Final Answers:
(a) Company C
(b) Company B
Answered by UpStudy AI and reviewed by a Professional Tutor
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Bonus Knowledge
To determine which company's salaries have the least variability, we look at the range. The smallest range among the companies is Company C, with a range of \( \$ 59,000 \). This indicates that Company C's salaries are more closely grouped together than the others, which have wider variability. For the average salaries, Company B boasts the highest mean salary at \( \$ 36,000 \). This means employees at Company B, on average, take home more than those at the other companies. If you're aiming for a higher salary, Company B sounds like the place to be!