A company announces that it will soon release a cheap Smart Watch. It opens a contest to guess the retail price of the watch, with the information that it will be more than $24.95 but no more than $49.95. They decide to give a free watch to anyone who guesses close enough, which is in the range $30.00 < Price s $31.00. Their experience is that any price at all is equally likely to be guessed. They receive 52 entries, which seem to be from different customers. What is the probability that exactly 3 customers will win a watch? .0577 .120 O.191 O.235 O.377
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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