Before hiring a new website manager, an online sporting equipment store received on average $4130 in revenue per day. A hypothesis test was conducted to see if the population mean revenue per day that the store receives has changed. The mean revenue for 40 days that the new manager has been working was $4295. We can consider 4130 the midpoint of the interval and 4295 the right endpoint of the interval. Find the left endpoint of this interval.
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.
Before hiring a new website manager, an online sporting equipment store received on average $4130 in revenue per day. A hypothesis test was conducted to see if the population mean revenue per day that the store receives has changed. The mean revenue for 40 days that the new manager has been working was $4295. We can consider 4130 the midpoint of the interval and 4295 the right endpoint of the interval. Find the left endpoint of this interval.
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