Major league baseball salaries averaged $1.5 million with a standard deviation of $0.8 million in 1994. suppose a sample of 100
1 answer:
Answer: The probability that the avg. salary of the 100 players exceeded $1 million is approximately 1.
Explanation:
Step 1: Estimate the standard error. Standard error can be calcualted by dividing the standard deviation by the square root of the sample size:
So, Standard Error is 0.08 million or $80,000.
Step 2: Next, estimate the mean is how many standard errors below the population mean $1 million.
-6.250 means that $1 million is siz standard errors away from the mean. Since, the value is too far from the bell-shaped normal distribution curve that nearly 100% of the values are greater than it.
Therefore, we can say that because 100% values are greater than it, probability that the avg. salary of the 100 players exceeded $1 million is approximately 1.
You might be interested in
Okay, here we have this:
Considering the provided information, we are going to identify wich equation applies, so we obtain the following:
Where x represents the uknown number. Then finally we obtain that the correct equation is the third one.
Now, let's find the missing number solving the equation:
Finally we obtain that the number is equal to 19.