Calculate the unweighted average and median for the following companies' wages. Also calculate the weighted average...
Calculate the unweighted average and median for the following companies' wages. Also calculate the weighted average for both companies' wages together.
Company A - $8.00, $8.15, $8.25, $9.00, $8.00
Company B - $8.25, $10.00, $8.75, $10.25, $8.45, $8.50, $8.00
Homework Answers
Answer:
Median:
- Company A wages in increasing order :
- 8.00 , 8.00 , 8.15 , 8.25 , 9.00
- So the median wage for company A = Central value = $8.15 (Answer)
- Company B wages in increasing order :
- 8.00 , 8.25 , 8.45 , 8.50 , 8.75, 10.00 , 10.25
- So the median wage for company B = Central value = $8.50 (Answer)
Average:
- Company A average salary = (8.00 + 8.00 + 8.15 + 8.25 + 9.00) / 5 = $ 8.28 (Answer)
- Company B average salary = (8.00 + 8.25 + 8.45+8.50 + 8.75 + 10.00 +10.25 ) / 7 = $8.8857
Weighted average:
- Considering equal weightage for both the companies A&B.
- Weighted average wages = (0.5* average of A) + (0.5* average of B)
- Weighted Average = (0.5* 8.28) + (0.5 * 8.8857) = $ 8.5828 (Answer)
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