Thread: Stats

Hi everyone,

I'm not sure if this is too specific to economics but I'm really bad with analysing data and thought I'd try my luck here.

The questions is: "Describe and compare the wages of entry-level workers and experienced workers." (Hint: Focus on the mean, median, range, inter-quartile range, standard deviation and skewness of the data)

I've attached the histograms and data I got off SPSS to a word doc.


So far this is what I've written:

All the values shown in the table above demonstrates that experienced workers, as expected, earn more than entry level workers, who are often less skilled and are less knowledgeable about their industry. The mean is the average of all the values and the median represents the middle value in the collection of data. In both instances, experienced workers earn almost double that of entry level workers. The greater range and inter-quartile range shows a bigger difference between the highest and lowest earners amongst the experienced workers. The standard deviation measures the spread of the values. The numbers indicate that the wages of experienced workers are more spread. This suggests that certain jobs allow for more progression in earnings than others, but the entry level positions offer similar salaries. From the histograms below, we can also see that the data trails off to the right which means that it is positively skewed.

I'd appreciate any help given