Answer:
The wage range spans from £140 to £525.
The average wage is £226.
Step-by-step explanation:
Given:
Weekly compensations for the personnel include:
£245, £140, £525, £163, £195, £174, and £140.
To find:
What is the range of these wages?
What is the mean wage?
Solution:
To start with, let's define the range of wages and the mean wage.
The wage range is established by the lowest and highest payment values.
The lowest wage recorded is £140, whereas the highest is £525.
Thus, the wage range is from £140 to £525.
The mean wage signifies the average payment received by employees.
The formula for mean is:

In this case, the total of all wages is taken into account while n signifies the staff count of 7.
Using the formula:

Therefore, we conclude that:
The wage range is from £140 to £525.
Mean wage is £226.