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 largerpopulation? 37.5, 35.8, 34.7, 27, 14.2, 12.3, 11.2, 9.5, 9.4, 8.4

a. the mean is?? (type an intergar or a decimal)

b. the median is?? (type an integar or a decimal)

c. select the correct choice below and fill in any any answer boxes in your choice

(a) the mode is?? ( use a comma to seperate answers as needed)

OR

(b) there is no mode

d. the midrange is?? (type an integar or a decimal)

e. given that these are the top 10 salaries, do we know anything about the salaries of TV personalilties in generaL?

(a) since the mean, median, and midrange are relatively reliable even with small samples a lof 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 salries of TV personalities in general.

(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.

(d) since the sample values give information abiout one segment of the salaries of TV personalities, they give a lot of information about the salaries of TV personalities in general.

f. are such top 10 lists valuable for gaining insight the larger population?

(a) yes, because such top 10 lists give partial information about the population

(b) no, because such top 10 lists represent an extreme subset of the population rather than the larger population

(c) no, because the mean, median, and midrange are based on a small sample

(d) yes, because the mean, median, and midrange are relatively reliable even with small samples

Explanation / Answer

The statistical software output for this problem is:

Summary statistics:

Hence,

a) Mean = 15.8375

b) Median = 11.75

c) There is no mode.

d) Midrange = (Min + Max)/2 = (8.4 + 34.7)/2 = 21.55

e) since the sample values are the 10 highest, they give almost no information about the salries of TV personalities in general. Option B is correct.

f) No, because such top 10 lists represent an extreme subset of the population rather than the larger population

Option B is correct.

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