The probability that managers earn a total of over $400,000 falls under probability theory and requires understanding of the normal distribution
The subject of this question is related to statistics, particularly the calculation of confidence intervals, probability, and percentile for a given set of data.
Here, we are dealing with player salaries expressed in thousands of dollars and certain statistical measures such as the sum of all salaries (ΣX), expected salary (EX~), and percentiles.
A 90% confidence interval is involved, which indicates the range within which we can expect the actual mean to lie with 90% certainty.
The standard deviation (σ) is given as $4,086 thousand.
When looking for the 90th percentile for an individual manager’s salary or the sum of ten manager’s salaries, we are identifying the salary level below which 90% of the individual or summed salaries would fall.
Additionally, calculating the probability that managers earn a total of over $400,000 falls under probability theory and requires understanding of the normal distribution
The probable question may be:
Assume that we want to construct a confidence interval. Do one of the following, as appropriate: (a) find the critical value to/2, (b) find the critical value Zx/2, or (c) state that neither the normal distribution nor the t distribution applies.
The confidence level is 90%, o is 4086 thousand dollars, and the histogram of 63 player salaries (in thousands of dollars) of football players on a team is as shown.
A.ta/2= (Round to two decimal places as needed.)
B. Frequency Zα/2 (Round to two decimal places as needed.)
C. Neither the normal distribution nor the t distribution applies.
40- 30- 20- Select the correct choice below and, if necessary, fill in the answer box to complete your choice. 10- 0 4000 8000 12000 16000 20000 Salary (thousands of dollars)