Consider again the salaries presented in Section 6.8, Exercises 27 and 28. Income Probability 20,000 ......0.48 30,000

Question:

Consider again the salaries presented in Section 6.8, Exercises 27 and 28.
Income Probability
20,000 ......0.48
30,000 ......0.04
35,000 ......0.16
50,000 ......0.12
57,000 ......0.04
100,000 ......0.08
150,000 ......0.04
top salary ...0.04
For each, find MAD, the variance, and coefficient of variation. Which statistics are most sensitive to large values? What are the units is of each statistic?
1. With the top salary of $450,000.
2. With the top salary of $4,500,000.