14 Suppose a guide book gives a certain car a retail value of $18,000. The table below shows asking prices, in dollars, for a sample of the same car model and year. At the 10% significance level, do the data provide sufficient evidence to conclude that the mean asking price of the car is less than the listed retail value? 16,520 16,001 16,097 15,937 15,782 15,643 14,505 13,596 15,671 15,683 Determine the test statistic. The test statistic is W=( ? )
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
|
16,520
|
16,001
|
16,097
|
15,937
|
15,782
|
|
|
15,643
|
14,505
|
13,596
|
15,671
|
15,683
|
|
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
