Question 2 Now focus on the statistics by Geographical Region. Consider three ca

Question

Question 2

Now focus on the statistics by Geographical Region. Consider three categories of geographical regions: Texas (all of Texas, i.e. 70.10% of respondents), the Northeast, and all remaining regions. To obtain an estimate for the average salary in the “all remaining regions” category, calculate a simple arithmetic average salary in all regions in this category.

a)We randomly draw individual graduates of the school, identify their region of employment (by the three categories above) and consider the average salary the outcome of this random variable. Describe the probability model for this random variable. (3P)

b)What is the expected value for this random variable? (3P)

c)What is the standard deviation? (4P)

The data provided are in US dollars. $1 US is currently worth approximately $1.3 Cdn.

d)What is the expected value for this random variable in Canadian dollars? (2P)

e)What is the standard deviation in Canadian dollars? (2P)

https://www.mccombs.utexas.edu/~/media/Files/MSB/Career-Services/Career-Services/BBA/Overall%20Undergraduate%20Salaries%20FT%20Fall%202016.pdf

Explanation / Answer

the expected value for this random variable in US $ = $ 62726.64

the standard deviation in US $ = $ 10832.09

the expected value for this random variable in Canadian dollars = 1.3 * 62726.64 = 81544.632 Cdn

the standard deviation in Canadian dollars = 1.3 * 10832.09 = 14081.717 Cdn

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