An analysis of monthly wages paid to workers in two firms $A$ and $B$,belonging to the same industry,gives the following results:
\text{Parameter}
\text{Firm } $A$ \text{ and Firm } $B$
\text{No. of wage earners}
$A: 586, B: 648$
\text{Mean of monthly wages}
$Rs. 5253$
\text{Variance of wages}
$A: 100, B: 121$
Which firm,$A$ or $B$,pays a larger total amount as monthly wages?
| \text{Parameter} | \text{Firm } $A$ \text{ and Firm } $B$ |
| \text{No. of wage earners} | $A: 586, B: 648$ |
| \text{Mean of monthly wages} | $Rs. 5253$ |
| \text{Variance of wages} | $A: 100, B: 121$ |
Which firm,$A$ or $B$,pays a larger total amount as monthly wages?
(B) The total monthly wages paid by a firm is calculated as the product of the mean monthly wage and the number of wage earners.
For firm $A$:
Total amount $= 5253 \times 586 = 3,078,258$.
For firm $B$:
Total amount $= 5253 \times 648 = 3,403,944$.
Comparing the two,$3,403,944 > 3,078,258$.
Therefore,firm $B$ pays a larger total amount as monthly wages.
For firm $A$:
Total amount $= 5253 \times 586 = 3,078,258$.
For firm $B$:
Total amount $= 5253 \times 648 = 3,403,944$.
Comparing the two,$3,403,944 > 3,078,258$.
Therefore,firm $B$ pays a larger total amount as monthly wages.
Explore More
Similar Questions
Consider the following data:
Daily wage (Rs.) $30$-$40$ $40$-$50$ $50$-$60$ $60$-$70$ $70$-$80$ $80$-$90$ No. of workers $17$ $28$ $21$ $15$ $13$ $6$
The coefficient of variation of the above distribution of wages,if its standard deviation is $14.72$,is
| Daily wage (Rs.) | $30$-$40$ | $40$-$50$ | $50$-$60$ | $60$-$70$ | $70$-$80$ | $80$-$90$ |
| No. of workers | $17$ | $28$ | $21$ | $15$ | $13$ | $6$ |
The coefficient of variation of the above distribution of wages,if its standard deviation is $14.72$,is
If the median and the range of four numbers $\{x, y, 2x + y, x - y\}$,where $0 < y < x < 2y$,are $10$ and $28$ respectively,then the mean of the numbers is
DifficultJEE MAIN 2013
View SolutionThe mean and variance of $7$ observations are $8$ and $16$ respectively. If the first five observations are $2, 4, 10, 12, 14$,then the absolute difference of the remaining two observations is
If both mean and variance of $50$ observations $x_1, x_2, \ldots, x_{50}$ are equal to $16$ and $256$ respectively,then the mean of $(x_1-5)^2, (x_2-5)^2, \ldots, (x_{50}-5)^2$ is
DifficultMHT CET 2023
View SolutionIn a city,the total income of all people with a salary below $₹ 10,000$ per annum is less than the total income of all people with a salary above $₹ 10,000$ per annum. If the salaries of people in the first group increase by $5 \%$ and the salaries of people in the second group decrease by $5 \%$,then the average income of all people:
Vedclass Products
For Students
Vedclass Test Series
Mock tests in real JEE/NEET style with performance analysis. 5-day free trial.
Start Free TrialFor Teachers
Exam Paper Generator
Generate Set A/B/C/D exam papers from 7.5L+ questions in 2 minutes. 3 chapters free.
Try FreeFor Institutes
Online Exam Module
Live online exams with unlimited students, 360° analytics & white-label branding.
See Demo