The pay rates for 3 people were the following numbers of dollars per hour: 8, 10.5, and

Question:

The pay rates for 3 people were the following numbers of dollars per hour: 8, 10.5, and 7. In Mexican pesos (if the exchange rate is 10 pesos per dollar), these pay rates are 80, 105, and 70 pesos per hour.

a. Compare the mean in dollars with the mean in pesos; don’t forget the units. Explain what multiplying each number in a data set by 10 does to the mean.

b. Compare the standard deviations in pesos and in dollars. Explain what multiplying each number in a data set by 10 does to the standard deviation.

Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...