Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a . Compute the weighted average for the annual medical costs at the five plants using the numbers of employees as the weights. The weighted

a. Compute the weighted average for the annual medical costs at the five plants using the numbers of employees as the weights. The weighted average is $.(Round to the nearest dollar as needed.)
b. Explain why the company would want to use a weighted average in this situation rather than a simple average of the five medical cost values.
A. The weighted average takes into account the variation in the data instead of only providing a measure of central tendency.
B. The weighted average takes into account extreme values and is therefore a more reasonable measure of the average payments than would be an un-weighted average.
D. The weighted average takes into account both the mean and the median of the data, instead of only providing the simpler measure of only the mean.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Social Profit Handbook

Authors: David Grant

1st Edition

1603586040, 978-1603586047

More Books

Students also viewed these Finance questions