SOLUTION: If the salary for BBAs in marketing has a mean of $49,554 and standard deviation of $10,954 and the salary for BBAs in accounting has a mean of $48,715 and a standard deviation of
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Question 947708: If the salary for BBAs in marketing has a mean of $49,554 and standard deviation of $10,954 and the salary for BBAs in accounting has a mean of $48,715 and a standard deviation of $14,618, who is being paid more within their field, marketeers making $42,000 or accountants making $47,000? Show why.
Found 2 solutions by Theo, stanbon:
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the mean for marketing is 49554 with a standard deviation of 10954.
the mean for accounting is 48715 with a standard deviation of 14618.
marketeer makes 42000.
accountant makes 47000.
z-score for marketeer = (42000 - 49554) / 10954 = -.69
z-score for accountant = (47000 - 48715) / 14618 = -.12
the accountant has the higher z-score so the accountant is doing better relative to the universe he is in.
the higher z-score means that his salary is greater than a higher percentage of his peers than the marketeer.
the actual percentile for the marketeer is .25
the actual percentile for the accountant is .45
the marketeer is making more than 25% of his peers.
the accountant is making more than 45% of his peers.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If the salary for BBAs in marketing has a mean of $49,554 and standard deviation of $10,954 and the salary for BBAs in accounting has a mean of $48,715 and a standard deviation of $14,618, who is being paid more within their field, marketers making $42,000 or accountants making $47,000? Show why.
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Who has the higher z-score
Marketer BBAs:: z(42000) = (42000-49554)/10954 = -0.6896
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Accountant BBAs:: z(47000)= (47000-48715)/14618 = -0.1173
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Ans:: -0.6896 < -0.1173
Ans: Marketer's salaries are further below their mean
Ans: Accountants making $47000 are paid more.
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Cheers,
Stan H.
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