help with math statistics
Summary stats:LOWEST SALARY: 300, MEAN SALARY 700, MEDIAN IS 500, RANGE IS 1200, IQR IS 600, Q1 IS 350, STANDARD DEVIATION OF 400
If businesses have been good and gave a 50 dollar raise to every employee, what are the new summary stats?
What if they gave every employee a 10% raise, what are the new summary stats?
March 29, 2015
3 Comments • Newest first
Pretty sure if you increase all the data points by 50, the mean will increase by 30 but the standard deviation will remain the same. However, when you increase the data points by 10% (multiply everything by 1.1) both the mean and standard deviation will change. I think that's right...not 100% sure.
Haha this is in my book. What @above said is correct
As for the 10%. You have to take 10% of each one and add it to the original, even SD
Example: Lowest Salaray: 300 ~ 300 x .1 = 30. 300+30 <- New Lower Salary
I'm fairly sure that if you add 50 to each data point, the minimum, median, mean, maximum, and range all increase by 50. And the standard deviation remains the same?