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 difference between the mean and median values mentioned in the passage, we need to calculate both the mean and the median of the salaries.
1. Mean Calculation:
The mean is obtained by summing up all the values and dividing by the total number of values. In this case, we have the average salary of $4.25 million mentioned for the mean.
2. Median Calculation:
The median is the middle value when the salaries are arranged in ascending order. It represents the value that divides the distribution into two equal halves. According to the passage, the median salary is $1,075,000.
To calculate the monetary difference between the mean and median, we subtract the median from the mean:
Mean - Median = $4,250,000 - $1,075,000 = $3,175,000
Therefore, the monetary difference between the mean and median values is $3,175,000.