You have surveyed five companies and obtained the following data regarding the midpoints of the base pay range for the job of "benefit clerk" and the number of employees employed at each company performing that role: $32,000 (Company A with 10 employees), $31,000 (Company B with 20 employees), $30,000 (Company C with 20 employees), $29,000 (Company D with 10 employees), and $29,000 (Company E with 40). What is the weighted mean for this set of data?

Question

Quizplus · Accepted Answer

To find the weighted mean, we need to multiply the midpoint of the base pay range by the number of employees at each company, sum these products, and divide by the total number of employees:

$$
\frac{(10 	imes 32,000) + (20 	imes 31,000) + (20 	imes 30,000) + (10 	imes 29,000) + (40 	imes 29,000)}{10 + 20 + 20 + 10 + 40} = 29,900
$$

Therefore, the weighted mean for this set of data is $29,900. The best choice is C.

You Have Surveyed Five Companies and Obtained the Following Data