Problem 1CRE

Miami Heat The following are current annual salaries (in thousands of dollars) for the starting players on the Miami Heat basketball team: 14,500, 14,500, 14,000, 5000, 3500.

a. Find the mean and express the result in dollars instead of thousands of dollars.

b. Find the median and express the result in dollars instead of thousands of dollars.

c. Find the standard deviation s and express the result in dollars instead of thousands of dollars.

d. Find the variance s2 and express the result in appropriate units.

e. Convert the first salary of $14,500,000 to a z score.

f. What level of measurement (nominal, ordinal, interval, ratio) describes this data set?

g. Are the salaries discrete data or continuous data?

h. Do the given salaries appear to be representative of all players for the Miami Heat team? Why or why not?

Answer:

Step 1 of 3

a. The "Mean" is computed by adding all of the numbers in the data together and dividing by the number elements contained in the data set.

Mean = = 10300

The Mean for the current annual salaries is 10,300 and in terms of dollar the mean is $10,300,000.

b. The "Median" of a data set is dependant on whether the number of elements in the data set is odd or even. First reorder the data set from the smallest to the largest then if the number of elements are odd, then the Median is the element in the middle of the data set. If the number of elements are even, then the Median is the average of the two middle terms.

3500, 5000, 14000, 14500, 14500

Median = 14000

The Median for the current annual salaries is 14,000 and in terms of dollar the median is $14,000,000.