Can someone show me how to answer this question? Please? I would really appreciate any help you can give
baseball statistics~~
“According to an Associated Press study, the average MLB salary will break the $4 million mark for the first time in 2015, continuing a trend that has seen payrolls skyrocket due in part to increasing revenues from broadcasting deals. The average player will make an estimated $4.25 million this season, up from $3.65 million just two years ago.”
“The median salary, the point at which equal numbers are above and below, declined by $25,000 to $1,075,000, down from a record $1,125,000 in 2009.”
Question~~
According to the baseball statistics, there is a difference between the mean and median values. What is that monetary difference? Show your work.
To find the monetary difference between the mean and median values mentioned in the question, we need to calculate both values first.
1. Mean: The mean is calculated by summing up all the values and dividing the sum by the total number of values. In this case, the average MLB salary is given as $4.25 million for 2015, and $3.65 million for two years ago.
The mean salary for the specified period can be calculated as:
Mean = (Sum of salaries) / (Number of salaries)
Mean = (2015 salary + 2 years ago salary) / 2
Mean = ($4.25 million + $3.65 million) / 2
Mean = $7.9 million / 2
Mean = $3.95 million
So, the mean salary is $3.95 million.
2. Median: The median is the middle value when all the values are arranged in ascending or descending order. In this case, the median salary is given as $1,075,000 for the current year, and $1,125,000 for 2009.
So, the median salary is $1,075,000.
To find the monetary difference between the mean and median values, we subtract the median value from the mean value:
Difference = Mean - Median
Difference = $3.95 million - $1,075,000
Difference = $2.875 million
Therefore, the monetary difference between the mean and median values is $2,875,000.