The mean salary of a random sample of 50 major league baseball players for 2012 is $3.44 million dollars. Assuming the distribution of salaries for all major league baseball players is normally distributed with a standard deviation of $0.712 million, test the claim that the mean salary of major league baseball players is less than $4 million. What is the test statistic for this test?
The mean salary of a random sample of 50 major league baseball players for 2012 is $3.44 million dollars. Assuming the distribution of salaries for all major league baseball players is normally distributed with a standard deviation of $0.712 million, test the claim that the mean salary of major league baseball players is less than $4 million. What is the test statistic for this test?
Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.
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