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Outlier of Michael Jordan it's going to put, one So when you have a situation like this where you have this Know, 10 million dollars or 20 million dollars And then of course you have Michael Jordan up here making you Maybe it's a couple of people up there, maybe someone isn't making anything, maybe they weren't able to find a job. Right there, maybe someone's making 100K. Little bit more, maybe some people up here, maybe some people there. A bunch of people maybe making 50K maybe some people making a Right when they graduated there's probably you know, 1,Ģ, 3, I could keep doing it. We have, if you put all of the folks from geology majors at University of North Carolina. So if you were to make a histogram or a plot of all of the salaries we could say, Okay well you know maybe In the tens of millions of dollars a year so Michael Jordan is way, way, way, way, up here. Here because he's so far up, I don't know exactly what he was making but it was definitely And then you have Michael Jordan who is, actually I'll do a little gap That is a salary of, I don't know Let me put a salary of 50K Say that this would be a salary of 0, and let's say  Very rough distribution right over here and let's So what will the distribution of salaries probably look like? So if we're thinkingĪbout the University of North Carolina, probably will Jordan was a geology major at the University of North Carolina. ' How will that compare to the mean? Well what do they tell us about UNC? They tell us that Michael  'For geology majors from UNC, 'the median income will likely be. This exact same problem onto my scratchpad, so here it So to visualize this a little bit more, I've copied and pasted ' Well actually these are both about median. Greater than the mean.' And then we have to answer ' and we have some options here, 'less than, equal to or  'For geology majors from the University of 'North Carolina the median 'Of the 35 finance majorsįrom Wesleyan University, '32 got high-paying consulting jobs, 'and the other 3 were unemployed. 'They all took the exact same job at the same company,Įarning the same salary. 'There were only threeĬivil engineering majors 'from the University of Montana. 'He finds the following interesting facts: 'Basketball superstar Michael Jordan was a 'geology major at the Project, Richard is researching 'how much money a college graduate can 'expect to earn based on his or her major.

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