PayScale is a source of online compensation information, providing access to accurate compensation data for both employees and employers. PayScale allows users to obtain compensation information providing a snapshot of the job market. Recently, it published statistics for the salaries of MBA graduates. The file titled Payscale contains data with the same characteristics as those obtained by PayScale for California and Florida.
a. Calculate the standard deviations of the salaries for both states’ MBA graduates. Which state seems to have the widest spectrum of salaries for MBA graduates?
b. Calculate the average and median salary for each state’s MBA graduates.
c. Examining the averages calculated in part b, determine which state’s MBA graduates have the largest relative dispersion.