Companies are sometimes interested in their costs and output and relating the two. The data set here has one part of cost for a professional sports league, the players' salaries, and one measure of their output, their points scored. The data are for the NBA for the 2009-2010 season. Use the Data Analysis feature in Excel to help you find the correct answers. What is the range of salaries? Do not include a dollar sign.
Homework Answers
Descriptive Statistics
We put the data in Excel and go to Data > Data Analysis > Descriptive Statistics and tick the Summary Statistics option to get the range of the data.
We get the range of the salaries as: 23031683.
Note that, range of any data set is given as the difference between the maximum and minimum values of the set. Here maximum value is 23034375 and minimum value is 2692.
Thus the range is: (23034375-2692) = 23031683.
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