7. The line graph shows the cost of inflation. The graph shows subsequent years from 1982, comparing what $10,000 bought in 1982, to what it would buy in the years shown. There are two possible mathematical functions for the data. Letx years after 1985, and C(x), represents the new cost. First Possible Function: C1(x) = 438x + 10,800 C2(x) = 0.3x² + 430x + 10,824 Second Possible Function: The Cost of Inflation What sest you $10,000 in 1982 would cost yeu this mach is subsaguest years. $21,810 12 8 f10,760 1985 1990 1995 2000 2005 2010 Year Sonrce US. Bureau of Labor Scatistics Source: Blitzer, Thinking Mathematically, Pearson 2014 a. Estimate the cost for 1995 using both functions. a. b. Compare each result to the graph, i. Does C1, over or underestimate the inflation? ii. Does C2 over or underestimate the inflation? с. Using C1(x), determine in which year the cost will be с. $28,320. Cost (thousands of dollars)
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.
The line graph shows the cost of inflation. The graph shows subsequent years from 1982, comparing what $10,000 bought in 1982, to what it would buy in the years shown. There are two possible mathematical functions for the data.
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