A random sample of 8 adults aged 30years,were asked how much they spent of medication costsin the year 2009.Using the following data,compute the sample mean,the sample standard deviation,the sample median and the first and third quantiles. 300 140 5600 520 470 700 640 1200
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 random sample of 8 adults aged 30years,were asked how much they spent of medication costsin the year 2009.Using the following data,compute the sample
Given:
Data in ascending order: 140,300,470,520,640,700,1200,5600
Sample Mean can be calculated as:
Sample Standard Deviation can be calculated as:
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