Question: An article in the New York Times describes an interesting business phenomenon. The owners of small businesses tend to pay themselves much smaller salaries than they would earn had they been working for someone else.5 Suppose that a random sample of small business owners' monthly salaries, in dollars, are as follows:
1,000, 1,200, 1,700, 900, 2,100, 2,300, 830, 2,180, 1,300, 3,300, 7,150, 1,500.
Compute point estimates of the mean and the standard deviation of the population monthly salaries of small business owners.