The file P02_45.xlsx contains the salaries of 30 business school professors at a (fictional) large state university. If you increased every professor's salary by $1,000, what would happen to the mean and median salary? Increase Mean $ Median $ If you increased every professor's salary by $1,000, what would happen to the standard deviation of the salaries? If your answer is zero, enter "0". Increase Std. Dev. $ If you increased every professor's salary by 5%, what would happen to the standard deviation of the salaries? If your answer is zero, enter "0". Increase Std. Dev. %
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
The file P02_45.xlsx contains the salaries of 30 business school professors at a (fictional) large state university.
- If you increased every professor's salary by $1,000, what would happen to the
mean and median salary?
If you increased every professor's salary by $1,000, what would happen to the standard deviation of the salaries? If your answer is zero, enter "0".Increase Mean $ Median $
If you increased every professor's salary by 5%, what would happen to the standard deviation of the salaries? If your answer is zero, enter "0".Increase Std. Dev. $ Increase Std. Dev. %
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