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Author Question: Salary conversions You learn that your company is sending you and several other employees to staff a ... (Read 51 times)

iveyjurea

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on: Jul 25, 2018
Salary conversions You learn that your company is sending you and several other employees to staff a new office in China.
 
  While there everyone will earn the equivalent of their current salary, converted to Chinese currency at the rate of 8 yuans per dollar. In addition, everyone will earn a weekly foreign living allowance of 200 yuans. For example, since you are earning 1000 per week, your weekly salary in China will be 1000 x 8 + 200 = 8200 yuans.
  a. Shown are some summary statistics describing the current salaries of this group being sent overseas. Fill in the table to show what these statistics will be for the salaries you all will earn while in China.
  Statistic In the US In China
  Minimum salary 400
  Standard deviation 250
  Median 750
  IQR 300
  b. Among this group of employees going to China, your US salary has a zscore of +1.20. What will your new z-score be, based on everyone's China salary?

Question 2

Repair bills An automobile service shop reported the summary statistics shown for repair bills (in ) for their customers last month.
 
  Min
  Q1
  Median
  Q3
  Max
  Mean
  SD 27
  88
  132
  308
  1442
  284
  140
  a. Were any of the bills outliers? Show how you made your decision.
  b. After checking out a problem with your car the service manager gives you an estimate of only 90. Is he right to imply that your bill will be unusually low? Explain briefly.


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firehawk60

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Reply #1 on: Jul 25, 2018
Answer to Question 1

a. 3400 yuans, 2000, 6200, 2400
b. z = +1.20
d. 19.6
e. 4.7 months (should all include sketches of labeled curves)
f. A smaller standard deviation means that the copiers would be more consistent in their lifespans
g. For 36 months z = -1.28 and for 42 months z = -0.385. Thus the difference of 6 months is 1.28 - 0.385 = 0.895 standard deviations. The model is N(44.6, 6.7)

Answer to Question 2

a. Yes. IQR = 308 - 88 = 220. The upper fence for outliers is one and a half IQR's above the third quartile, or 308 + 1.5(


iveyjurea

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Reply #2 on: Jul 25, 2018
Thanks


firehawk60

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Reply #3 on: Jul 25, 2018
Welcome :)


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