A company has determined that if the unit price of a certain commodity is P, the demand is D = V5000 – p² thousand units. At the end of the year 2017 the price will be $3. Starting on January 1, 2018, the company will increase the price at a rate of $0.07 per day. (a) If t is the number of days after December 31st, 2017, express the price p as a function of t. (b) Express D as a function of t. (c) At what rate (in thousands of units/day) is the demand changing 100 days after December 31st, 2017?
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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