An article in the New York Times describes an interesting business phenomenon. The owners of small businesses

Question:

An article in the New York Times describes an interesting business phenomenon.

The owners of small businesses tend to pay themselves much smaller salaries than they would earn had they been working for someone else. Suppose that a random sample of small business owners' monthly salaries, in dollars, are as follows: 1,000, 1,200, 1,700, 900, 2,100, 2,300, 830, 2,180, 1,300, 3,300, 7,150, 1,500. Compute point estimates of the mean and the standard deviation of the population monthly salaries of small business owners.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Complete Business Statistics

ISBN: 9780077239695

7th Edition

Authors: Amir Aczel, Jayavel Sounderpandian

Question Posted: