Salaries, in millions of dollars, for rookies selected in the first round of the NFL 2014 draft can be approximated by the quadratic model, y = 0.0258x2 − 1.30x + 23.3 ,where x represents draft pick order. Players selected earlier in the round have higher salaries than those selected later in the round. (Source: www.forbes.com) a. Use the model to estimate the salary of the player selected first overall to the nearest tenth of a million dollars. b. What is the estimated salary of the player selected 10th overall? Round to the nearest tenth of a million dollars
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Salaries, in millions of dollars, for rookies selected in the first round of the NFL 2014 draft can be approximated by the quadratic model,
y = 0.0258x2 − 1.30x + 23.3
,where x represents draft pick order. Players selected earlier in the round have higher salaries than those selected later in the round. (Source: www.forbes.com)
a. Use the model to estimate the salary of the player selected first overall to the nearest tenth of a million dollars.
b. What is the estimated salary of the player selected 10th overall? Round to the nearest tenth of a million dollars
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images