In a Given Year, the Average Annual Salary of an Rugby

question 6

Short Answer

In a given year, the average annual salary of an Rugby player was $205 000, with a standard deviation of $24 500. If a simple random sample of 50 players is taken, what is the probability that the sample mean will be less than $210 000?

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Definitions:

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often used as an indication of inflation.

Base Year

A reference year used for comparative analysis, often in calculating economic indicators like indexes.

Absolute Change

The difference between the final value and the initial value of a quantity, without regard to the direction of change.

Price Level

A summary average of current prices for the full spectrum of goods and services in the economy.