12 Major League Baseball Team Valuations and Revenues as Given on the Forbes.com

Question

12 Major League Baseball Team Valuations and Revenues as Given on the Forbes.com Website on January 14 2015 (for Exercise 2.24) MLBTeams Value Revenue (S mil), (S mil) Rank Value Revenue (S mil) (S mil) 620 Team Baltimore Orioles San Diego Padres Toronto Blue Jays Minnesota Twins Cincinnati Reds Arizona Diamondbacks 585 Rank Team New York Yankees (2500 461 Los Angeles Dodgers 2000 293 1500 357 1200 266 San Francisco Giants 1000 316 6 Philadelphia Phillies 975 265 16 17 18 3 Boston Red Sox 4 Chicago Cubs 20 7 Texas Rangers 22 Colorado Rockies 23 Pittsburgh Pirates 24 Cleveland Indians 570 196 25 Milwaukee Brewers 565 St. Louis Cardinals New York Mets 9 0 Los Angeles Angels 775 253 Atlanta Braves Seattle Mariners Houston Astros Miami Marlins 12 13 Washington Nationals 700 244 14 Chicago White Sox 695 210 28 Oakland Athletics 495 29 Kansas City Royals 490 178 15 Tampa Bay Rays rce: http:/www.forbes.com/mlb-valuations/ (Accessed January 14, 2015) a percent frequency histogram of these breaking Figure 2.16 above gives the Minitab output of a histogram of these waiting times that has been con- structed using automatic classes. a Describe where the breaking strengths seem to be concentrated Describe and interpret the shape of the distribution of breaking strengths What is the class length? Write out the classes and construct a percent frequency ogive for the breaking strengths using these classes. a Describe where the waiting times seem to concentrated. Describe and interpret the shape of the distribution of waiting times. What is the class length that has been automatically defined by Minitab? b b c c d d Write out the automatically defined classes and con- 2.24 Table 2.12 gives the 2014 franchise value and revenues struct a cumulative percent frequency distribution of the waiting times using these classes. THE TRASH BAG CASE Recall that Table 1.10 (page 21) presents the breaking strengths of 40 trash bags selected during a 40-hour pilot production run. Figure 2.17 gives for each of the 30 teams in Major League Baseball as re- ported by Forbes magazine and as listed on the Forbes. com website on January 14, 2015· a 2.23 0S TrashBag DML Teams Develop a frequency distribution and a frequency histogram for the 30 team values. Then describe the distribution of team values.

Explanation / Answer

To find the frequency distribution and to draw the histogram, we should devide them into classes.

To find the width of the class, we will use the formula, (max-min)/No. of classes.

Suppose we want 5 classes, then width = (2500-485)/5=403.

For simplicity, we round it to 500.

So, our classes will be 250 to 750, 750 to1250 and so on..

midpoint = (Lower value+ Upper)/2

Width = upper value-lower

frequency = No. of observations falls into that class.

Percent = that much % of all observations are falls in the particular class

For example, first class percent =(Frequency/Total no of observations)*100 = (20/30)*100 = 66.7%

Now for histogram, put the range of midpoint on X axis and on Y axis write frequncies and draw the graph.

As we can see that most of the teams falls in the 1st class and very few of them have higher valuations, we can say that the distribution is skewed right.

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