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Miami Heat The following are current annual salaries (in

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 1CRE Chapter 6.7

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 1CRE

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?

Step-by-Step Solution:

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.

Step 2 of 3

Chapter 6.7, Problem 1CRE is Solved
Step 3 of 3

Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

This textbook survival guide was created for the textbook: Elementary Statistics, edition: 12. The full step-by-step solution to problem: 1CRE from chapter: 6.7 was answered by , our top Statistics solution expert on 03/15/17, 10:30PM. The answer to “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?” is broken down into a number of easy to follow steps, and 132 words. Since the solution to 1CRE from 6.7 chapter was answered, more than 405 students have viewed the full step-by-step answer. This full solution covers the following key subjects: dollars, express, thousands, Find, result. This expansive textbook survival guide covers 121 chapters, and 3629 solutions. Elementary Statistics was written by and is associated to the ISBN: 9780321836960.

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Miami Heat The following are current annual salaries (in