Question
There were 855 major league baseball players in 2012, and their mean salary was = 3.44 million dollars with standard deviation = 4.70 million dollars.
There were 855 major league baseball players in 2012, and their mean salary was = 3.44 million dollars with standard deviation = 4.70 million dollars. If we take random samples of size = 70 players and calculate the mean salary, in a million dollars, of each sample, a) calculate the mean and standard error of the sampling distribution of sample means. b) find the probability that the average salary will be more than 3 million dollars for a sample of 70 randomly selected baseball players. c) find the probability that the average salary will be less than 2 million dollars for a sample of 70 randomly selected baseball players. d) find the probability that the average salary will be in between 3.5 and 5 million dollars for a sample of 70 randomly selected baseball players.
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