Problem 6.1: Each year Institutional Research at the University of Maine collect

Question

Problem 6.1: Each year Institutional Research at the University of Maine collects self-report data from recent graduates and compiles tables of starting wages. Below, is such data from graduates working in the state of Maine. Please note the R-$35,000, with the population $8,682 Please answer the following (rounding answers to O decimals) 1) Using SPC, predict the range of average starting salaries for 95.4% of the graduates (2-2), explain 2) Using SPC and the factor table predict the average starting salaries and average range of salaries, explain 3) What is the likelihood any UMaine graduate would earn between $35,000 and $38,000 per year 4) What is the likelihood a MBS student would obtain a job earning greater than $39,000. 2000/01 30,000 23,750 47,000 25,000 28,000 25,000 26,000 2 2001/02 35,000 24,000 42,000 23,000 27,500 26,000 27,000 3 2002/03 35,000 24,000 42,000 27,000 35,500 25,000 26,000 4 20030435,000 25,000 45,000 27,000 35,000 29,000 28,000 5 2004/0 39,000 27,000 45,000 27,500 40,000 30,000 30,000 6 2005/06 36,000 28,000 50,000 30,000 40,000 27,000 35,000 7 2006/07 32,00030,000 50,000 30,000 33,50030,000 36,000 8 2007/08 36,000 30,000 52,000 27,000 31,000 30,000 40,000 92008/09 36,000 30,000 52,000 25,000 40,000 28,000 35,000 10 2009/10 40,000 30,000 53,000 30,000 48,500 30,000 36,000 11 201011 40,000 30,000 53,000 30,000 48,500 30,000 36,000 12 2011/12 39,000 30,000 53,000 26,5343,00031,000 37,500 13 2012/13 40,000 31,000 59,000 27,000 43,000 32,000 37,750 14 2013/14 42,000 30,000 57,000 27,500 43,500 32,500 39,000 15 2014/15 40,000 33,000 60,000 27,000 42,000 33,00038,000 $29.250 $29,214 S30,643 S32,000 $34,071 S35,143 $34,500 $35,143 $35,143 $38,214 $38,214 $37,147 $38,536 $38,786 S39,000 S23,250 $19,000 $18,000 $20,000 S18,000 $23,000 $20,000 $25,000 $27,000 $23,000 $23,000 $26,469 32,000 $29,500 $33,000 Average by | 37,000 | 28,383 | 50,667| 27,302 | 38,600 | 29,233 | 33,817 |x=1 $35,000 $24015 Coll STDEV by $ 3,359| $ 2,926| $ 5,640| $ 2,059| $ 6,645| $ 2,556| $ 4,970 | S8,682 Coll

Explanation / Answer

a. Now average starting salares Xbar = $35000 and std. dev = $8682, the average starting.salary for the graduates at (z=2) can be found from this equation z = (Xbar - U) / std.dev

i.e. 2 = (X - 35000) / 8682

i.e. X = 2*8682 +35000 = $52364

b. The average range of salaries = Xbarbar +- 1*std.dev = 35000 +- 8682 = $26318 to $43682 and the average starting salary is $35000

c. When X = 38000 then z = 38000 -35000 / 8682 = 0.34

Area to the right of 0.34 under the st. normal curve = 0.3669

So area between z = 0 and 0.34 is 0.5 - 0.3669 = 0.1331, So there is a 13% chance that a Umaine graduate will earn between 3$8000 and $35000 as salary

d. Average starting.salary for MBS grad = 37000$ and std. dev = 3539$ so value of z when X = 39000$ is

z = 39000 -37000 / 3539 = 2000/3539 = 0.565

Now area to the right of z=0.565 on the std. normal curve = 0.2860. Hence there is a 28% chance a MBS student would earn greater than 39000$ as starting salary

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---