Question
You need to hire some new employees to staff your start-up venture.You know that potential employees are distributed throughout the population as follows, but you
You need to hire some new employees to staff your start-up venture.You know that potential employees are distributed throughout the population as follows, but you can't distinguish among them:
Employee ValueProbability
$50,000.25
$60,000.25
$70,000.25
$80,000.25
What salary should you over to ensure you do not offer a salary above their value? (Hint: The start-up can't distinguish between the different employee segments.Also, the individual in the different employee segments know their own market value and will not accept a salary under their market value).
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