In 2011, Forbes surveyed 16,000 alumni (class of 2006) at more than 100 2-year business schools. Of the 30% who responded, Forbes computed the alumni€™s returns on investment from attending the schools. Fig. 115 displays boxplots of the annual tuitions (in thousands of dollars) of the 74 schools with the best returns on investment, the median pre-MBA annual salaries for those schools€™ alumni, and the median post-MBA annual salaries.
Fig. 115

a. Given that the distribution of post-MBA salaries is unimodal, is it skewed left, skewed right, or symmetric? Which is a better measure of the center, the mean or the median? Explain.
b. Estimate the median pre-MBA salary and the median post-MBA salary. What do they mean in this situation?
c. Find the difference of the median post-MBA salary and the median pre-MBA salary. What does it mean in this situation?
d. Estimate the median tuition.
e. Estimate a student€™s break-even point. That is, counting from the first day a person attends business school, estimate how long it will take the person to make up for paying two years of tuition plus not working for two years. Assume the person pays the full tuition and that salaries do not increase.

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Tuitions 40 60 80 100 120 140 Thousands of dollars Pre-MBA Salaries 1- 20 30 40 50 60 70 80 Thousands of dollars Post-MBA Salaries 50 100 150 200 250 Thousands of dollars