3. During the past few months, major league baseball players were in the process of negotiating with the team owners for higher minimum salaries and more fringe benefits. At the time of the negotiations, most of the major league baseball players had salaries in the $100,000 ů $150,000 a year range. However, there were a handful of players who, via the free agent system, earned nearly three million dollars per year. Which measure of central tendency of players' salaries, the mean or the median, might the players have used in an attempt to convince the team owners that they (the players) were deserving of higher salaries and more fringe benefits? (a) Not enough information is given to answer the question. (b) Either one, because all measures of central tendency are basically the same. (c) Mean. (d) Median. (e) Both the mean and the median. 4. A financial analyst's sample of six companies' book value were $25, $7, $22, $33, $18, $15. The sample mean and sample standard deviation are (approximately): (a) 20 and 79.2 respectively (b) 20 and 8.9 respectively. (c) 120 and 79.2 respectively. (d) 20 and 8.2 respectively. (e) 120 and 8.9 respectively. 5. A sample of underweight babies was fed a special diet and the following weight gains (lbs) were observed at the end of three month. 6.7 2.7 2.5 3.6 3.4 4.1 4.8 5.9 8.3 The mean and standard deviation are: (а) 4.67, 3.82 (b) 3.82, 4.67 (с) 4.67, 1.95 (d) 1.95, 4.67 (e) 4.67, 1.84 © 2006 Carl James Schwarz 2.
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
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