Here are the summary statistics for the weekly payroll of a small company: lowest salary = $300, mean salary = $700, median = $500, range = $1200, IQR = $600, first quartile = $350, standard deviation = $400.
a) Do you think the distribution of salaries is symmetric, skewed to the left, or skewed to the right? Explain why.
b) Between what two values are the middle 50% of the salaries found?
c) Suppose business has been good and the company gives every employee a $50 raise. Tell the new value of each of the summary statistics.
d) Instead, suppose the company gives each employee a 10% raise. Tell the new value of each of the summary statistics.