Trying to find the mean and median and rounded to the nearest hundred thousand 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.
Trying to find the
Here, the total number of observations are n=30. The mean of the observations can be obtained by , where n is the total number of observations and xi is the salary of the ith player, where "1" corresponds to "Joe Mauer", "2" corresponds to "Ervin Santana",......,"30" corresponds to "Tyler Kinley". Thus xi is the salary of ith player from top in first row, when i=1,2,...,15 and xi is the salary of (i-15)th player from top in second row, when i=16,17,....,30.
Hence, the sum of the observations are
Hence, the mean of the observations is
Rounding off to nearest hundred thousand, the mean of the observations is 4,300,000 dollars.
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