At a particular company, every employee receives a 4% cost-of-living increase to their salary.
What impact does this cost-of-living increase have on the mean and on the range of employee salaries at the company?
At a particular company, every employee receives a 4% cost-of-living increase to their salary.
What impact does this cost-of-living increase have on the mean and on the range of employee salaries at the company?
There will be 4% increase for mean and range.
For example:
$100 $200 $300 $400
mean is $250
range is $300
$104 $208 $312 $416
mean is $260 = $250 + $10
↑
$250*4%
range is $312 = $300 + $12
↑
$300*4%