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Mean, Median, and Mode Videos 18 videos
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Description:
Statistics, Data, and Probability I: Drill Set 1, Problem 1. What is the mean yearly salary?
Transcript
- 00:03
Okay, here's the boring, unshmoopily-voiced question...
- 00:07
The yearly salaries of eight employees at a company are shown below...
- 00:11
in thousands of dollars...
- 00:12
What is the mean yearly salary?
- 00:14
And here are the answers...
Full Transcript
- 00:22
OK, so we have 8 people making a range of salaries and
- 00:25
the question is asking us for the mean.
- 00:28
We are basically being tested on whether or
- 00:30
not we know the definition of the term.
- 00:32
Mean simply means average.
- 00:36
So it has nothing to do with the employees not being given Christmas off.
- 00:39
To get the average, we add up the numbers we are given and then divide our answer by
- 00:44
the total number of items, or elements.
- 00:48
So in this case, we would add...
- 00:50
25, 28, 32, 35, 44, 57, 84, and 103...
- 00:55
we'll leave off the thousands for now to make the math simpler...
- 00:57
...and we get a total of 408.
- 01:00
However, the problem is asking us for the mean, not the sum.
- 01:04
So we still need to divide by the total number of elements.
- 01:07
To get the average or mean we divide 408 by 8... and get 51.
- 01:15
But 51... what? Dollars?
- 01:17
We have a feeling the employees wouldn't be happy making less than 15 cents a day.
- 01:21
That wouldn't even cover their morning latte.
- 01:25
Remember that we have to convert our number back into thousands...
- 01:33
...so 51 thousand dollars is the average salary for our 8 employees.
- 01:38
The answer is D.
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