A grocery store's receipts show that Sunday customer purchases have a skewed distribution with a mean of $ 29 and a standard deviation of $21. Suppose the store had 307 customers this Sunday. If, on a typical Sunday, the store serves 307 customers, how much does the store take in on the worst 1% of such days? That's in the worst of 1% days, what would be the spending of this group of 307 customers and accordingly what would be the revenue of the grocery shop from these 307 customers? Enter your value as a whole number. Round your $ value correctly. Example: If your calculation leads you to 1054.03, please enter 1054 only.
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.
-
A grocery store's receipts show that Sunday customer purchases have a skewed distribution with a mean of $ 29 and a standard deviation of $21.
Suppose the store had 307 customers this Sunday.If, on a typical Sunday, the store serves 307 customers, how much does the store take in on the worst 1% of such days?
That's in the worst of 1% days, what would be the spending of this group of 307 customers and accordingly what would be the revenue of the grocery shop from these 307 customers?Enter your value as a whole number. Round your $ value correctly.
Example: If your calculation leads you to 1054.03, please enter 1054 only.
_______________________
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
