In problem involving days, a 365-day year is assumed.
Sports salaries. Table 1 shows the average salaries for players in Major League Baseball (MLB) and the National Basketball Association (NBA) in selected years since 1990.
(A) Let x represent the number of years since 1990 and find an exponential regression model (y = abx) for the average salary in MLB. Use the model to estimate the average salary (to the nearest thousand dollars) in 2022.
(B) The average salary in MLB in 2000 was 1.984 million. How does this compare with the value given by the model of part (A)?
Table 1 Average Salary (thousand $)
Year | MLB | NBA |
1990 | 589 | 750 |
1993 | 1,062 | 1,300 |
1996 | 1,101 | 2,000 |
1999 | 1,724 | 2,400 |
2002 | 2,300 | 4,500 |
2005 | 2,633 | 5,000 |
2008 | 3,155 | 5,585 |
2011 | 3,298 | 4,755 |
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.