You wish to explain to your boss what effect taking the base-10 logarithm of the salary in
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You wish to explain to your boss what effect taking the base-10 logarithm of the salary in the company’s database will have on the data. As simple example values, you compare a salary of $10,000 earned by a part-time shipping clerk, a salary of $100,000 earned by a manager, and the CEO’s $1,000,000 compensation package. Why might the average of these values be a misleading summary? What would the logarithms of these three values be?
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The average is 370000 a value not representative o...View the full answer
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Related Book For 
Business Statistics
ISBN: 9780133899122
3rd Canadian Edition
Authors: Norean D. Sharpe, Richard D. De Veaux, Paul F. Velleman, David Wright
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