4.1. Develop a scatter diagram for the data with price of pork on the horizontal axis; 4.2. Does there appear to be any relationship between the price of pork and the price of lamb? Explain; 4.3. Compute the variance for the price of pork and price of lamb. Is the price of pork more volatile than the price of lamb? Why or why not? 4.4. Compute the standard deviation for the price of pork and price of lamb; 4.5. Compute the covariance between the price of pork and price of lamb. Does your result in (4.2) make sense? Explain; 4.6. Compute the coefficient of correlation between the price of pork and price of lamb. Is the relationship between price of pork and price of lamb weak? Why or why not?
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.
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