Arithmetic mean and range
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The annual incomes of the five vice presidents of TMV Industries are: $125,000; $128,000; $122,000, $133, 000; and $140,000. Consider this a population.
a. What is the range?
b. What is the arithmetic mean income?
c. What is the population variance? The standard deviation?
d. The annual incomes of officers of another firm similar to TMV Industries were also studied. The mean was $129,000 and the standard deviation $8,612. Compare the means and dispersions in the two firms.
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The range is given by maximum value - minimum value = 140000 - 122000 = 18000
Arithmetic mean income = sum of incomes / 5 = 648000 /5 = 129600
Population variance = 1/5 ∑ xi^2 - mean^2 = 84182000000 / 5 - 16796160000
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