Bids were placed in a silent auction for a sword reputed to have been used at the Battle of Hastings, worth a reported $20,000. The respective bids (in thousands of dollars) placed by the 8 bidders were as follows: 25, 19, 27, 14, 12, 12, 16, 17 Send data to calculator (a) What is the mean of this data set? If your answer is not an integer, round your answer to one decimal place. (b) What is the median of this data set? If your answer is not an integer, round your answer to one decimal place. O zero modes (c) How many modes does the data set have, and what are their values? Indicate the number of modes by clicking in the appropriate circle, and then indicate the value(s) of the mode(s), if applicable. O one mode: O two modes: Jand
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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