Listed below are the top 10 annual salaries (in millions of dollars) of TV perso

Question

Listed below are the top 10 annual salaries (in millions of dollars) of TV personalities. Find the (a) mean, (b) median, (c) mode, and (d) midrange for the given sample data in millions of dollars. Given that these are the top 10 salaries, do we know anything about the salaries of TV personalities in general? Are such top 10 lists valuable for gaining insight into the larger population? 38 35.3 35.1 27.1 15.3 13 11.6 10.5 10.3 8.2 a. The mean is (Type an integer or a decimal.) b. The median is (Type an integer or a decimal.) c. Select the correct choice below and fil in any answer boxes in your choice OA. The mode is (Use a comma to separate answers as needed.) B. There is no mode. d. The midrange is . Type an integer or a decimal.) Given that these are the top 10 salaries, do we know anything about the salaries of TV personalities in general? OA. Since the mean, median, and midrange are relatively reliable even with small samples, a lot of information is given on the salaries of TV personalities in general B. Since the sample values are the 10 highest, they give almost no information about the salaries of TV personalities in general. O C. Since the mean, median, and midrange are based on a small sample, no information is given on the salaries of TV personalities in general OD. Since the sample values give information about one segment of the salaries of TV personalities, they give a lot of information about the salaries of TV personalities in general. Are such top 10 lists valuable for gaining insight into the larger population? O A. Yes, because the mean, median, and midrange are relatively reliable even with small samples O B. Yes, because such top 10 lists give partial information about the population O C. No, because such top 10 lists represent an extreme subset of the population rather than the larger population O D. No, because the mean, median, and midrange are based on a small sample

Explanation / Answer

The statistical software output for this problem is:

Summary statistics:

Hence,

a) Mean = 20.44

b) Median = 14.15

c) There is no mode. Option B is correct.

d) Midrange = (Min + Max)/2 = (8.2 + 38)/2 = 23.1

Do we know anything about TV personalities in general? Option B is correct.

Insight for larger population? Option C is correct.

Column Mean Median Mode Data 20.44 14.15 No mode

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