Refer to the average annual baseball player salary data in the 2021 Major League Baseball data set.

Question:

Refer to the average annual baseball player salary data in the 2021 Major League Baseball data set. The data also include the CPI from 2010 to 2021. The CPI base is 1982 − 84 = 100.

YearAnnual Average SalaryCPI
2010 3,297,828218.056
2011 3,305,393224.939
2012 3,440,000229.594
2013 3,650,000232.957
2014 3,950,000236.736
2015 4,250,000237.017
2016 4,380,000240.007
2017 4,097,122245.12
2018 4,095,686251.107
2019 4,050,000255.657
2020 3,890,000258.811
2021 4,170,000270.97


a. Develop a graph that shows the mean player salary from 2010 to 2021. What do you observe about the graph? Are the salaries increasing, decreasing, or staying the same over the period?

b. Using the annual CPI, adjust the mean salaries for each year between 2010 and 2021. Graph the adjusted mean annual player salaries. Are the adjusted salaries increasing, decreasing, or staying the same over the period? Compare this graph to the graph in part (a). Write a paragraph summarizing your findings. Cite specific evidence.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Statistical Techniques In Business And Economics

ISBN: 9781265779696

19th Edition

Authors: Douglas Lind, William Marchal, Samuel Wathen

Question Posted: