Refer to the Baseball 2012 data, which report information on the 30 Major League Baseball teams for the 2012 season. Refer to the variable team salary.
a. Prepare a report on the team salaries. Be sure to answer the following questions in your report.
1. Around what values do the data tend to cluster? Specifically what is the mean team salary? What is the median team salary? Is one measure more representative of the typical team salary than the others?
2. What is the range of the team salaries? What is the standard deviation? About 95% of the salaries are between what two values?
b. Refer to the information on the average salary for each year. In 1989 the average player salary was $512,930. By 2012 the average player salary had increased to $3,440,000.
What was the rate of increase over the period?